MIAMI — Powerful, a manufacturer and marketer of high-protein foods and beverages, has raised $4 million in Series B and ABL funding as part of its effort to expand into additional product categories. The funding was led by River Hollow Partners, a New York-based lower mid-market private equity firm focused on better-for-you consumer products.
Founded in 2013 by Carlos Ramirez, Powerful has grown from a Greek yogurt brand into a company that operates in multiple categories with a focus on active lifestyles. In addition to Powerful Yogurt, the company now offers Powerful Drink and Powerful Oatmeal, which are available at Wal-Mart, Target, Stop n’ Shop, Shoprite, Amazon and through Powerful’s web site.
|Carlos Ramirez, founder of Powerful|
“The idea of a dairy product designed with active men in mind was a very controversial concept to many,” said Mr. Ramirez, founder and chief executive officer. “It completely disrupted the dairy category and put us in the spotlight, but most importantly, it proved very successful. Since then, the opportunities for our high-protein, great-tasting offerings have expanded greatly as a broad range of consumers look to incorporate high-protein products into their diets, creating a significant and growing marketplace for our current and soon-to-be introduced products.”
River Hollow becomes Powerful’s first institutional investment partner. The private equity firm’s investment will be used to support product development, manufacturing and sales and marketing, the company said.
|Charlie Baynes-Reid, co-founder and investment committee member of River Hollow Partners|
“We partnered with Powerful because it is uniquely poised for success,” said Charlie Baynes-Reid of River Hollow Partners. “Not only have they truly been an industry disruptor with innovative products, but they have a seasoned and passionate management team with an extremely clear brand mission and vision. You typically see new companies come in and try to create their own niche specialty, but what Powerful has done really makes a significant impact through disruption in an already successful category, and that is something l saw as very compelling as a private equity partner.”In addition to Powerful, River Hollow holds an investment stake in several other food and beverage companies, including Premama and Dancing Deer Baking Co.