Straus Family Creamery has secured “significant” equity financing from US investment firm Grounded Capital.
The organic dairy producer of yogurt, ice cream and kefir said the funding will enable it to “grow the business and support its mission of sustaining family farms, revitalising rural communities, and building a more regenerative food system”.
Petaluma, California-based Straus Family Creamery, which also supplies organic milk, cream and butter, said it has worked with Grounded Capital over the past year to reorganise its management structure.
Mike Scheu was promoted to the position of president in January to replace Bob McGee, who retired from the business after 13 years service. Family member and company founder Albert Straus now serves as executive chairman.
“This investment will help us advance our carbon-neutral farming model, creating resilience in organic dairy farming operations, and a sustainable pathway for the next generation of farmers supplying Straus Family Creamery,” Mr Straus said in a statement.
“We’re excited to partner with Grounded Capital, who believe in our mission and care deeply about the future of our farming and food system.”
The size and transactional value of the equity interest from San Francisco-based Grounded Capital, which manages $2bn in assets, were not disclosed.
Stephen Hohenrieder, the investor’s CEO and founder, and principal William Culler-Chase, will both sit on Straus Family Creamery’s board.
Hohenrieder said: “We’re honoured to support Albert’s long-term vision and the company’s mission, and we’re excited about the potential to offer the company’s products in new stores and geographic regions over the next several years.
“Working with Albert and the team has provided an opportunity to observe how important Straus Family Creamery is to the future of organic dairy farming.”
Set up in 1994, Straus Family Creamery sells its dairy products in the retail and foodservice channels. Organic milk is supplied from family-owned farms in the Marin and Sonoma Counties in California, including Straus' own dairy farm.
