MadeGood granola owner reaches unicorn status after deal

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Photo by Darren Brown/PostmediaRiverside Natural Foods, the Canadian owner of MadeGood granola bars and bites, has achieved unicorn status through a recent deal.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountPrelude Growth Partners agreed to sell its minority stake in Riverside back to the Fotovat family, which launched the company 13 years ago, according to a statement reviewed by Bloomberg News. While financial terms weren’t disclosed, the deal makes Riverside a unicorn, according to a person familiar with the matter, who asked not to be named because the matter is private. Reaching unicorn status means a private company has achieved a valuation of US$1 billion or more.This advertisement has not loaded yet, but your article continues below.Prelude, a so-called growth-equity investor that took the stake four years ago, is exiting after helping MadeGood’s healthy snacks become ubiquitous throughout the United States. The family-friendly brand’s granola bars and granola bites are now available in every U.S. state at 35,000 stores, including Costco Wholesale Corp., Walmart Inc. and Target Corp.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againWith Prelude’s support, Riverside built out its leadership team, entered new retail partnerships and scaled its manufacturing footprint, according to Riverside President Nima Fotovat, who co-founded the Toronto-based company with his sisters Sahba and Salma. This deal gives them full ownership again.The transaction is among Prelude’s most successful ever, according to Neda Daneshzadeh, co-founder of the New York-based firm.Riverside’s products are free of the top nine allergens and made entirely at its facilities in Canada, Daneshzadeh said.“We saw it appealing to this new generation of moms who wants to feed, better-for-you food in her kids’ snack box and after school and also eating it herself,” Daneshzadeh said in an interview.She reached out to the Fotovats about five years ago to see if they’d be open to their first outside investor. It made sense to sell back the stake now since the company plans to stay family owned and independent, she said.Prelude, which targets founder-owned and family-owned businesses in consumer goods, typically invests US$20 million to US$100 million per deal. Founded in 2017, the firm raised US$600 million last year for its latest fund.We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.