Skky Partners, the private-equity firm founded by Kim Kardashian, has opened its account by acquiring a majority stake in the US condiments company Truff.
Specifics regarding the financial aspects were not revealed.
Founded in 2017 by Nick Ajluni and Nick Guillen, the condiments brand specializes in truffle-infused products like hot sauce, pasta sauce, mayonnaise, oil, and salt. Initially oriented toward direct-to-consumer sales, the business has grown significantly and now includes prominent retailers such as Whole Foods, Target, and Publix in its distribution network.
Entrepreneur, influencer, and private-equity investor Kardashian stated that Skky Partners’ support for Truff represents its initial investment as the firm aims to focus on consumer brands. Kardashian described Truff as precisely the type of business that embodies what they were seeking.
Jay Sammons, Skky Partners’ co-founder and managing partner, said, “The business has a very strong foundation and is now at the perfect juncture for us to bring our experience building and scaling unique consumer brands to help fuel the next stage of Truff’s growth.”
As per a statement, the founders of Truff will persist in their roles as co-CEOs and maintain their status as “significant investors in the company.”
As part of the transaction, Mark Ramadan, co-founder, and former CEO of the U.S. condiments business Sir Kensington’s, will join Truff’s board as an independent director. This addition will be accompanied by the presence of David Brisske, the managing director of Skky. It’s worth noting that Unilever acquired Sir Kensington’s in 2017.
Ajluni added, “The investment will help us expand our wholesale business through continued distribution expansion, product innovation, awareness and the implementation of in-store merchandising practices.”
A joint statement from both co-founders read, “We know that Mark’s deep experience will make him an invaluable partner to us as we look to expand our distribution footprint, accelerate in-store performance and continue to introduce new products.”
Truff distributes its products in various countries, encompassing South Korea, Australia, New Zealand, the United Kingdom, Canada, and Mexico.
Upon inquiry, the company chose not to provide information regarding its annual sales and profits.