PORTLAND, Ore. — On the heels of launching in retail chains throughout Southern California, Hawaii and Colorado, Dave’s Killer Bread (DKB) is preparing to expand to even more new markets starting in 2013. To do this, the popular Oregon-based company has brought on an equity and value-added partner, Goode Partners, whose investment and expertise will enable Dave’s Killer Bread to scale up its manufacturing and distribution. The goal: to maintain product quality as the company expands outside the Western US.
DKB has grown steadily since its launch seven years ago, and is now available in 11 states across the Western US. A testament to Founder and President Dave Dahl’s inspiring story of redemption, and the amazing taste and quality of the bread he bakes, everyone from a New York Times columnist to enthusiastic Facebook fans across the country have lamented the lack of Dave’s Killer Bread in their own local stores. The company is often regaled with stories from out-of-staters, who must rely on limited online sales or the kindness of Oregon family members to get their hands on the coveted breads.
“We love that people want our bread in their stores, and we’ve been doing our best to meet demand in more states. Our first priority when we add a new market is to make sure that the quality of the bread is never compromised. Today, we are unable to ship bread farther and farther away from our Portland-area Breadquarters without sacrificing its quality,” said Dave Dahl.
“Our relationship with Goode Partners is going to give us additional resources and a top-shelf board member who knows exactly how to build a brand and grow nationally. Together, we’re going to work to get our bread in the hands of new fans in new cities.”
As president, Dave Dahl will retain his role as leader of product development, brand development and the company’s continued philanthropic efforts. The company will also maintain its Breadquarters and all of its current staff and operations near Portland, Ore.
Dave’s Killer Bread plans for some operational changes as a result of this investment:
• Goode Partners is taking an equity stake in the company, and will add three representatives to the DKB board. They will join current CEO Shobi Dahl, Dave Dahl and Glenn Dahl.
• DKB will add a new Chairman of the Board, Angelo Fraggos, a 38-year veteran of the baking and snack industry. He specifically brings the expertise needed to drive strategic direction and organizational development.
“As a board, our chief focus will be to ensure the heart and mission of this company are uncompromised,” Dahl said. “We believe the addition of Goode Partners and Angelo to our team will help drive our company to new heights.”
Goode Partners is a New York-based private equity firm that focuses exclusively on investment opportunities in the consumer sector. In addition to providing investment capital, Goode specializes in partnering with experienced professionals and has invested in some of the world’s premier consumer brands, including Skullcandy (NASDAQ: SKUL), Intermix and Chuy’s (NASDAQ: CHUY).
“We think this brand is something special, so we jumped at the opportunity to partner with the Dahls,” said Dan Bonoff, a Partner at Goode Partners. “We can’t wait to work with the company to build on what has been accomplished and continue to introduce the bread and Dave’s inspiring story to new customers.”
Portland-based business acceleration firm The Meriwether Group partnered with Cascadia Capital to provide strategic counsel and find the right equity partner for DKB. The resulting deal, which maintains DKB’s core culture and values, reflects Meriwether’s and Cascadia’s expertise working with top-tier Pacific Northwest brands, including Oregon Chai, Laughing Planet and Bike Gallery.
“Our work focuses on helping entrepreneurs realize the potential of their life’s work,” said Meriwether Group Founder and CEO David Howitt. “With equal weight on market opportunity and the personal goals of the Dahl family, we helped uncover a path that will propel the business forward with total authenticity and commitment to product, brand and culture.”
About Dave’s Killer Bread
Dave’s Killer Bread bakes organic, whole grain, vegan and GMO-free bread products sold throughout the Western United States at leading grocery stores and local markets. DKB has grown rapidly in seven years, evolving from four varieties sold at a weekly booth at the Portland Farmer’s Market by Dave and Shobi Dahl, to 16 varieties sold in every major grocery chain in 11 states. Known for its trademark explosion of seeds and delicious chewiness, Dave’s Killer Bread is equally well known for the struggles faced by Dahl, who battled depression and emerged from a life of crime to become one of the most celebrated bread artisans on the West Coast.
The company’s vision is to make the world a better place, one loaf of bread at a time. Founded by Dave Dahl, his brother Glenn, and nephew Shobi, the mission of Dave’s Killer Bread is to bake the highest-quality whole grain and organic bread without compromise, as well as to contribute positively to the community and create a respectful and enjoyable place for its employees to work.
In 2011, Dave’s Killer Bread was ranked by Inc. Magazine as one of the “Fastest Growing Companies in the U.S.” In addition, the company also received both the “Ethics in Business Award” from The Portland Rotary Club, Portland Business Journal, and Willamette University, and the “2011 Local Hero Award” from Edible Portland Magazine in the Food Artisan category. To learn more about Dave’s Killer Bread and Dave’s inspiring journey from convict to bread guru, visit www.daveskillerbread.com.
Source: Dave’s Killer Bread
