Goode invests £15m in Strong Roots

The selling shareholder is founder Samuel Dennigan, who was the sole owner of the company prior to this transaction.

"The company had already had a lot of approaches before we were brought on board, particularly from trade buyers," said Alantra's Charles Lanceley, a director at the firm. "The founder clearly wanted to continue to run his business with support from a partner, so was focused on private equity buyers."

The process saw a handful of GPs in the final round. Lanceley said: "We ran the process so it was geared towards the most credible and top investors in the consumer space."

"Goode offers expertise both in the consumer sector and in disruptive, entrepreneur-led companies," said Lanceley. "The firm also has a really strong position in the US market, where the company will expand, and in Europe."

Lanceley told Unquote that due to the rapid growth of the company, it is unlikely they will need to raise funds again. "The business is making a strong gross profit so it's unlikely they'll need to raise capital in the next few years. I'd expect there to be an exit to trade in four or five years."

The company will further expand into the US, the UK and Ireland following the transaction. In the long term, the company may launch products in other verticals, such as chilled produce.

Strong Roots expects retail sales of £41m for 2019 and is targeting sales of £246m by 2023.

Company
Founded in 2015, the company produces frozen root vegetables, veggie burgers and speciality items such as cauliflower hash browns. Based in Dublin with offices in New York and London, Strong Roots employs around 30 people.

People
Goode Partners – Dan Bonoff (partner).
Strong Roots – Samuel Dennigan (founder, CEO).

Advisers
Company – Alantra, Charles Lanceley (corporate finance).

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• Topics
• Expansion
• UK / Ireland
• Consumer
• Alantra
• United Kingdom