Food business entrepreneur Daniel Lubetzky, the founder of US snacks brand Kind, has invested in local Greek yogurt business Elenos.
Financial details have not been revealed but Ellenos said the backing would propel its market expansion, helping it to grow distribution.
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Lubetzky a ‘shark’ on US TV business ideas showcase Shark Tank, will act as a mentor to Ellenos’ founders and leadership team.
Founded in 2013, Ellenos was born when husband and wife Bob and Yvonne Klein convinced Australian father and son duo Con and Alex Apostolopoulos to bring their long-standing Greek family yogurt recipe to the US.
The families joined forces to launch Ellenos in Seattle, beginning with a fresh-scooped yogurt bar at the Kleins’ produce stand in Pike Place Market.
Over the past seven years the families expanded distribution into natural and speciality grocery stores in 29 states with yogurt flavour offerings such as Orange Turmeric, Pumpkin Pie and Lemon Curd.
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By GlobalDataSpeaking about Lubetzky’s backing, Ellenos co-founder Con Apostolopoulos said: “We make amazing yogurt – I’m confident in that – but the American packaged food industry is totally different from what we’re used to in both Greece and Australia.
“So while we have a ton of momentum right now, to have someone like Daniel as a partner – a fellow founder who has achieved aspirational success as a disruptor in the food space – it gives us this incredible opportunity to leverage his knowledge to help us take Ellenos to the masses and scale this community that we’ve built in the Northwest across the entire country.”
Lubetzky said; “Beyond falling in love with Ellenos’ delicious Greek yogurt, what drew me to the brand was its integrity in every respect.
“Not only is Ellenos obsessive about the craft of yogurt-making and sourcing the highest quality ingredients, but its leadership and team exemplify my belief that how we build a brand is as important as what we are building. The sense of community that Ellenos has created in the Pacific Northwest is palpable and I am honoured to support the brand’s founding team throughout its next chapter.”
Lubetzky’s Equilibra Partners Management will become Ellenos’ second private equity partner following Monogram Capital Partners, a Los Angeles-based PE firm that has backed Ellenos since 2018.
