NEW YORK, August 10, 2015 – Goode Partners LLC ("Goode"), a New York, NY-based private equity firm focused on investing in emerging brands in the consumer and retail industry, announced that it has sold its controlling interest in La Colombe Torrefaction ("La Colombe") to renowned food entrepreneur Hamdi Ulukaya, who will serve as a private investor. Goode initially invested in La Colombe in August 2014; this transaction represents a gross MOC (multiple of capital) of 2.0x and gross IRR of approximately 188%.
“While we never anticipated exiting in such a short period of time, we are delighted with the outcome of this investment and partnership. We have worked closely with Todd and JP to map out the company’s long-term strategic plan and were very excited to help them grow their business over the next several years. However, we were quickly presented with a game-changing opportunity that will accelerate the execution of that plan. We feel fortunate to have been partnered with Todd, JP and the talented management team that is in place.
We look forward to watching the company’s continued success with their new partner,” said Keith Miller, Partner of Goode.
Todd Carmichael, Co-Founder, Chairman and CEO of La Colombe, will continue to hold his leadership positions and manage the business with co-Founder JP Iberti. “We had a lot of options early on when deciding on taking in a partner to help us grow. Goode really proved their difference in the world of private equity. They were able to quickly mobilize operating talent that was culturally correct, facilitate in the development of a real strategic plan, and help us execute the vision that JP and I have had since we first started La Colombe 21 years ago. Keith and the entire team at Goode have taught us so much in such a short period of time and will always be family to us,” said Todd Carmichael.