Berkeley, California-based The Good Bean, a category leader in roasted chickpea snacks, has acquired Beanitos, maker of better-for-you bean-based chips and puffs. The acquisition was directed through investments from leading CPG growth equity firm, L Catterton, 2x Consumer Products Growth Partners, a growth capital and industry partner to emerging brands, and BFY Capital, a growth accelerator specializing in health, wellness and sustainable brands.
The expanded portfolio includes 10 The Good Bean SKUs and 16 Beanitos SKUs, creating the largest legume-based snacking portfolio in the U.S. with the scope and scale to reach conventional, mass, natural and niche consumers nationwide. Both brands also bring a foundational commitment to sourcing from U.S. farms, that when combined, have a significant positive impact on sustainable domestic agriculture while delivering healthier snacks for all. The brands’ current combined annual procurement of sustainably grown and harvested legumes now exceeds 5 million pounds.
“From the beginning our mission has been to make bean and plant-based snacking accessible, delicious and affordable for everyone, while supporting responsible agriculture,” said Sarah Wallace, founder and CEO of The Good Bean. “The Beanitos portfolio perfectly complements the whole-bean snacking focus that The Good Bean is known for and combining these two brands structurally and operationally will enable us to streamline many processes throughout the supply chain to create efficiencies for our industry partners—and ultimately our consumers in the U.S. and Canada. We’re fortunate to have investment partners who believe in our vision and are eager to amplify growth for both brands.”
A veteran in the natural products industry, Wallace worked with companies such as Clif Bar, Kashi, ThinkThin, and PopChips before launching The Good Bean in 2010. Under her leadership, The Good Bean has been profitable year over year without utilizing outside capital. Wallace remains in her role as CEO, overseeing strategic growth, mission-based ingredient sourcing and channel acceleration for both brands.
As an earlier investor in the Beanitos brand, 2x Partners will continue to counsel The Good Bean on strategy and brand growth.
“We are big supporters of Beanitos and this partnership marks the beginning of an exciting new chapter,” said Andy Whitman, managing partner at 2x Partners and board member for The Good Bean. “The synergies between these two brands creates needed leadership in this space, as well as provides an ability to further accelerate growth while delivering best-in-class service to our partners and all snackers.”
The Good Bean and Beanitos snacks are available nationwide at supermarkets and natural stores as well as many ecommerce retailers.
All the Good Bean snacks are non-GMO, gluten-free and high in fiber and protein. As a female founder-led brand, The Good Bean has historically supported women-led businesses as well as domestic small farms.