NEW YORK, September 14, 2015 – On Saturday, September 12th, Goode Partners LLC (“Goode”), a New York, NY-based private equity firm focused on investing in emerging brands in the consumer sector, announced the closing of the sale of its portfolio company Dave’s Killer Bread (the “Company”) to Flowers Foods, Inc. for $275 million. The transaction, which was publicly announced on August 12th, represents the successful exit of an investment that was initiated on December 27th, 2012 when Goode established a partnership with Glenn, Dave and Shobi Dahl.
Dave’s Killer Bread is a Milwaukie, Oregon-based manufacturer and marketer of organic, nutrient-rich sliced breads. In partnership with the Dahls, Goode recruited a world-class management team led by John Tucker to complement the existing team at the Company. During Goode’s involvement with Dave’s Killer Bread, sales increased 130%, and the Company has expanded its distribution from 11 states and is now being sold in all fifty states. "This team has worked closely with Goode Partners and the Dahls to develop and refine a detailed strategic growth plan that has been implemented over the past 24 months," said John Tucker, the CEO of Dave's Killer Bread. "I am very proud of what we all have accomplished in a relatively short timeframe. Dave's Killer Bread has become a major player in the organic bread category and the brand is now disrupting on a national level. I am grateful to Goode Partners and the Dahl family for all of the strategic support they have provided and for giving me the opportunity to lead this outstanding organization."
Goode realized a return of 3.6x its invested capital and an IRR of 60% on the investment. "From the outset, this opportunity aligned perfectly with Goode's core competency of working with entrepreneurially owned high growth businesses to help them navigate rapid expansion," said Dan Bonoff, a Partner at Goode Partners. "This business has come a remarkably long way since the end of 2012, and we are thrilled to have been a part of it. We couldn't be more appreciative of the efforts of John and his team to help produce this great outcome for the shareholders and employee partners of the Company."