Teaser Text: Florida-based nutritional supplement company receives new round of local investment
Category: Stonehenge News
Tampa, FL – October 30, 2014 - Stonehenge Growth Equity Partners (SGEP) announces its investment in Thrive Nutritious Ice Cream, a nutritional ice cream company based in Winter Park, Florida. This marks the second investment for Stonehenge in the new fund, which closed last summer, as well as the nineteenth Florida company in which the team at SGEP has invested.
Over the past two years, Thrive Nutritious Ice Cream has been distributed in nearly 1,000 senior living communities and more than 1,200 grocery stores nationwide. The single serving cup design and innovative blend of protein, probiotics and fiber have positioned Thrive as a unique, formidable contender in the limited meal replacement category, which currently consists of grainy shakes and bars. With an ice cream consistency and seven flavors including salted caramel and mint fudge, Thrive’s palatable formulation incorporates over a decade of nutritional healthcare technology. Thrive also addresses multiple healthcare concerns such as unintentional weight loss, slow wound healing and poor nutrition.
“Thrive’s positioning as a nutritional meal replacement delivered as high-quality ice cream creates a huge opportunity,” said Travis Milks, Partner at Stonehenge Growth Equity Partners. “Long term care facilities have faced major challenges delivering nutritional supplements that their patients are willing to consume. Thrive developed this ice cream product with the consumption experience in mind, making it highly enjoyable to eat and much easier for the care giver to provide. We congratulate the founders and leadership team at Thrive on their success and we look forward to working with them as their business continues to grow.”
Based on its proprietary formulation, rapid growth and recurring revenue business model, Milks says Thrive is a prime example of what SGEP looks for in a company. The firm concentrates on investments throughout Florida and the Southeast region, areas recognized as rich breeding grounds for innovation, but lacking local investment capital. Stonehenge led the investment round for Thrive, with existing investors Florida Opportunity Fund and venVelo participating in the capital raise. Thrive’s management team also invested in this round of financing.
“We are thrilled to have Stonehenge as our new institutional investor,” said Charles Stagner, CEO. “Through this transaction, we gained a respected partner with expertise in building companies whose values regarding creating and maintaining meaningful healthcare relationships match our own. For our growing 50 plus population, as well as any consumer looking for a delicious, easy-to-use nutritional product, Thrive will continue to service our consumers with quality products.”
In addition to Stonehenge’s investment, senior housing executive Thilo Best will join Thrive’s Board of Directors. As a longstanding leader in the senior housing industry, Best is a Principal of Bayshore Retirement Living, which he formed with his partner in late 2012 to pursue the development of senior housing projects in the southeastern United States. Additionally, Best was the Founder, Chairman of the Board, and Chief Executive Officer of Horizon Bay Retirement Living from 2001, until September 2011. “Thrive is a clear leader when it comes to delivering nutrition in senior living communities,” said Best. “For years several products have tried to deliver balanced nutrition to the elderly, but failed in the area of taste and texture. Thrive Premium Ice Cream bridges the gap between nutrition and great taste.”
About Stonehenge Growth Equity Partners
Since 1999, the team at Stonehenge Growth Equity Partners (SGEP) has been investing in growth stage businesses. By developing trusted relationships with experienced entrepreneurs, SGEP supports its portfolio companies through the most dynamic phases of their lifecycles. Based in Tampa, FL, SGEP invests in companies where an entrepreneur is applying proven technology to solve a business problem. These technology-enabled businesses, located in the southeastern United States, typically generate at least $3M of revenue and are profitable. Our target investment size is $1M to $5M in each portfolio company. For more information, visit www.StonehengeGrowthEquity.com.
The Thrive Nutritious Ice Cream concept began nearly a decade ago as an idea for providing a premium ice cream product that would pack nutrition into a great tasting form. Available in seven flavors, Thrive Frozen Nutrition is an ice cream–type product that’s formulated to provide an extra punch of nutrition. In addition to containing four different strains of probiotics aimed at aiding digestive health, such as Lactobacillus acidophilus, Bifidobacteria, Streptococcus thermophilus, and Lactobacillus bulgaricus, it also contains 9 grams of protein, 3 grams of fiber, and 25% or more of the recommended daily intakes of 24 different vitamins and minerals. Currently offered in nearly 1,000 health care communities, and available in more than 1,200 grocery stores nationwide, Thrive has created a nutritional supplement product that you, or your loved one, will look forward to eating. For more information about Thrive, visit www.thriveicecream.com.