Kim Kardashian’s private-equity firm Skky Partners has opened its account through the acquisition of a majority stake in US condiments company Truff.
Financial details were not disclosed.
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The condiments brand produces truffle-infused products such as hot sauce, pasta sauce, mayonnaise, oil and salt. It was founded in 2017 by Nick Ajluni and Nick Guillen with a direct-to-consumer focus. The business has since expanded to include major retailers such as Whole Foods, Target and Publix.
Kardashian, the entrepreneur, influencer and now private-equity investor, said the backing for Truff is Skky Partners’ opening investment as it hopes to target consumer brands, labelling Truff as “exactly the kind of business that embodies what we were looking for”.
Jay Sammons, Skky Partners’ co-founder and managing partner, said: “The business has a very strong foundation and is now at the perfect juncture for us to bring our experience building and scaling unique consumer brands to help fuel the next stage of Truff’s growth.”
Truff’s founders will continue to lead Truff as co-CEOs and remain “significant investors in the company”, according to a statement.
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By GlobalDataAs part of the transaction, Mark Ramadan, the co-founder and former CEO of US condiments business Sir Kensington’s will join Truff’s board as an independent director, alongside managing director of Skky David Brisske. Unilever acquired Sir Kensington’s in 2017.
Ajluni added: “The investment will help us expand our wholesale business through continued distribution expansion, product innovation, awareness and the implementation of in-store merchandising practices.”
A joint statement from both co-founders read: “We know that Mark’s deep experience will make him an invaluable partner to us as we look to expand our distribution footprint, accelerate in-store performance and continue to introduce new products.”
Truff sells its products in countries including South Korea, Australia, New Zealand, the UK, Canada and Mexico.
When approached by Just Food, the company declined to comment on its annual sales and profits.
