Kim Kardashian’s private equity firm has announced its first investment: A company that makes truffle-infused sauces that sell for about $20 a bottle.
SKKY Partners, the company she formed last year with a former executive at Carlyle Group, has acquired a “significant minority stake” in Truff sauces. The six-year-old brand has recently grown in popularity for its condiments that extends from hot sauce to mayonnaise.
In a press release Tuesday, SKKY called Truff a “premium flavor-enhancement brand” and said that its “distinctive flavor, high-quality ingredients, new product innovation and social following” have made the brand an attractive investment target.
“Truff is exactly the kind of business that embodies what we were looking for when we founded SKKY — a next-generation brand with a deep, authentic connection with consumers and the potential for ongoing growth,” Kardashian said. “We’re proud to be kicking off the SKKY portfolio with this investment.”
Launched in 2017, Truff has expanded beyond its direct-to-consumer model and now sells its sauces at Target, Whole Foods and Publix. The sauce brand has recently had high-profile collaborations with Taco Bell for a custom hot sauce and Hidden Valley for a special dressing.
The transaction also includes adding Mark Ramadan, the cofounder and former CEO of Sir Kensington’s condiments, to Truff’s board. He helped sell that brand, best known for its fancy ketchups, for a reported $140 million in 2017 to Unilever.
Financial terms of Truff’s deal with SKKY weren’t disclosed and is expected to close early next year.
SKKY’s investment is a “big vote of confidence in the business and its founders,” according to Neil Saunders, retail analyst and managing director at GlobalData Retail.
“Truff has been one of the growth stars of the consumer packaged goods world and has managed to boost its appeal and reach without sacrificing the more premium positioning of its brand,” Saunders told CNN. He added that the addition of Ramadan is a “major benefit” because of his “very strong pedigree in consumer goods.”
Kim Kardashian speaks onstage at the 2023 TIME100 Summit at Jazz at Lincoln Center on April 25, 2023 in New York City.
Jemal Countess/Getty Images for TIME
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Kardashian started SKKY in 2022 with Jay Sammons, a 16-year veteran of global private equity firm Carlyle. However, it hadn’t made any investments and had remained largely quiet on its ambitions until now.
SKKY said in a release that the firm’s “primary focus is on identifying culturally relevant brands that forge deep emotional connections with their target consumers and offer those consumers coveted products and services.”
Investment targets include companies in health and wellness, food and beverage as well as apparel.
Kardashian’s business expertise extends beyond private equity. Skims, her underwear and apparel brand, recently launched a line for men. Expanding beyond a customer base of women is a possible prelude to an initial public offering for the company; however, nothing has officially been announced.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
