Cincinnati Bengals quarterback Joe Burrow, Kansas City Chiefs tight end Travis Kelce, Utah Jazz forward Rudy Gay, US Open Champion Sloane Stephens, and former New York Yankees pitcher CC Sabathia participated in the deal.
“Through this long-term partnership, we not only have an opportunity to fuel notable players and insiders within the sports world who’ve found their recipe for success, but we are also connecting them directly with our mission to inspire healthier eating and active living,” Kodiak CEO Joel Clark said in a statement.
In addition to the investment, P/Co will work with Kodiak to create an Athlete Advisory Council, facilitating quarterly meetings between the athlete investors and C-level executives to co-create new food products, marketing campaigns and sustainability initiatives.
Greenwich, Connecticut-based private equity firm L Catterton acquired Kodiak last year.
“Kodiak traces its roots back to 1982, when eight-year-old Joel Clark began selling his mother’s hand-milled pancake mix door-to-door from a little red wagon. Since then, Kodiak has achieved consistent and remarkable growth to become a leading food brand for the active, modern consumer. Today, the Company fulfills its “Nourishment for Today’s Frontier” brand promise by virtue of a product portfolio that is 100% whole-grain, powered by protein, and above all, delicious and craveable.” – L Catterton, May 2021
Kodiak Cakes was rejected when it appeared on the ABC show Shark Tank in 2013. Since the company’s appearance on the show, its revenue has grown from a little over 2 Million to over 54 Million in 2017.
Kodiak’s existing shareholders — the company’s founders and management team, Sunrise Strategic Partners, and Trilantic North America — still own a significant minority stake.
“I’ve been a fan of Kodiak products for a long time and excited to officially collaborate with the brand. Their cakes are high-protein, whole grain, and taste great,” Travis Kelce said in a statement. “I’m looking forward to working with the Kodiak team and collectively bring the brand to even more consumers.”
“As an athlete, what you eat is incredibly important,” Sloane Stephens said in a statement. “I love how Kodiak has set itself apart with healthy ingredients and a focus on sustainability.”