SISTERS, ORE. — Laird Superfood, Inc. has entered into a definitive agreement to acquire Picky Bars, LLC for $12 million in cash and stock, subject to a customary post-closing working capital adjustment. Picky Bars is a maker of wholesome snacks and breakfast products created by professional athletes.
Laird Superfood produces plant-based packaged beverage products, including coffee creamers, hydration products and supplements. The company was founded by surfers Laird Hamilton and Paul Hodge and last year filed for its initial public offering priced at $22 a share. The stock surged during its first week on the New York Stock Exchange to $46 per share, reaching a valuation of $400 million, and has since eased to $37 per share as of May 4.
The company said its acquisition of Picky Bars aligns with its strategic goals, including the addition of innovative daily-use products across its omnichannel platform. Bend, Ore.-based Picky Bars was founded in 2010 by endurance runners Jesse Thomas, Lauren Fleshman and Stephanie Rothstein Bruce and offers a line of nutrition bars, oatmeal, granola, pancakes and nut butter created to support and inspire athletes of all levels. The transaction represents a multiple of approximately 1.2x Picky Bars’ estimated 2022 revenue.
“We are so excited to welcome Picky Bars into the Laird family,” said Mr. Hodge, chief executive officer of Laird Superfood. “Founded by three incredible athletes who are true to their mission and vision, Picky Bars aligns with our core values of trust and authenticity and our product ethos prioritizing high performance and sustainability, not just for athletes, but for everyone in everyday life. This is an exceptional foundation to build on the many synergies we anticipate from this acquisition, starting with the immediate expansion of our brand platform in the massive bars and snacks category, where we believe consumers are increasingly ‘picky’ and seek whole food, healthier bar choices as well as sustainable options. Picky also has a line of Performance Breakfast products, including Performance Oatmeal, Granola and Pancakes, which are exciting and additive to the Laird Superfood morning ritual.
“Other immediate synergies include the cross-selling opportunities across both direct-to-consumer platforms, as we believe these incredible products will resonate particularly well with our existing and loyal customer base, as well as the wholesale opportunity, as we intend to leverage our existing relationships of over 7,000 retail doors to accelerate placement of Picky products on shelf.
“Lastly, we are excited about augmenting the Laird Superfood brand platform with a snack bar price point that supports expansion into new retail segments like convenience and drug stores, further extending that brand platform to yet another new audience.”