CINCINNATI — The Kroger Co. has partnered with Lindsay Goldberg, a private investment firm, in forming PearlRock Partners to identify, invest in and help grow consumer product brands. The platform will leverage the customer data and predictive analytics capabilities of Kroger subsidiary 84.51°.
“We are excited to add PearlRock Partners to our portfolio of high-growth alternative profit businesses that generate additional value from our core grocery business,” said Stuart Aitken, senior vice-president of alternative business at Kroger and chief executive officer of 84.51°. “We are confident this partnership with Lindsay Goldberg will help discover and cultivate new brands that Kroger customers will love. We are transforming from grocer to growth company by deploying our assets to serve even more customers and create margin-rich alternative profit streams.”
The creation of PearlRock Partners is consistent with the retailer’s Restock Kroger initiative, a multiyear plan to redefine the food and grocery customer experience while delivering value to Kroger shareholders. The platform is expected to drive new alternate profit streams for Kroger while helping emerging brands grow in Kroger’s stores.
“We are thrilled to partner with Kroger to help grow tomorrow’s most successful consumer brands alongside the entrepreneurs who built them,” said Brian Kelley, a partner at Lindsay Goldberg, who previously was c.e.o. of Keurig Green Mountain and president of Coca-Cola’s North American operations. “Backed by a state-of-the-art predictive data platform, real-world consumer product expertise and unparalleled merchandising resources, these next-gen brands will be poised for growth and offer Kroger’s broad customer base greater choice, convenience and innovation.”