General Mills has announced that it plans to invest up to $20 million (€16.7 million) in the London-based food company Pots & Co via its venture capital arm, 301 INC.
In partnership with other investors, the multistage investment aims to expand the good giant's product range and distribution in the US.
Pots & Co is best known for its range of hand-crafted potted desserts, available in UK supermarkets.
The investment into Pots & Co, supported by increased retail distribution in the US, is focused on expanding business in the West Coast and Rocky Mountain region, General Mills added.
Initially, Pots & Co will supply its range of unique potted desserts, and in the longer term, it plans to offer its new savoury, Mezze style dips range.
'Discover New And Emerging Food Brands'
Founder and managing director of 301 INC, John Haugen, said, "Our mission is to discover new and emerging food brands with a unique offering. Pots & Co fulfils that mission with its focus on natural ingredients to create desserts of restaurant quality.
"As our first overseas investment and first investment in a UK company, we believe Pots & Co will deliver substantial growth with an increasing range of desserts and with its move into savoury products. We're excited to partner as the brand expands its presence in the US market."
All Pots & Co products distributed in the US are currently handmade in Pots & Co's London-based factory.
The investment will also allow the business to explore manufacturing capabilities in the US and invest further into marketing and distributing the brand.
'Exceptional Quality And Taste'
Founder of Pots & Co, Julian Dyer, said, "We want to create one of the world's leading food brands, and we are thrilled that General Mills has invested in Pots & Co, enabling us to speed up the growth of our business and creating fabulous products for the American consumer.
"We continue to focus on exceptional quality and taste, using only the finest natural ingredients to deliver top-quality desserts and savoury food to supermarket aisles in both the UK and the US."
Founded in London in 2012, Pots & Co has seen rapid growth over the years. Its sales grew by 700% in six years, from nearly $2.8 million in 2014 to $19.5 million in 2020.
Currently, Pots & Co produces 16 million handmade desserts a year and is also famous for its signature ceramic pots spun by a family business in Valencia, Spain.
© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.