Mindful Investors LLC said it has invested $2 million in Big Idea Holdings LLC, a processor and marketer of organic salads and fresh vegetables under the organicgirl brand.
Big Idea, based in Salinas, Calif., was formed in 2007 by the same team of senior managers that founded and operated Fresh Express, a leading value-added salad company, which was sold to Chiquita Brands for $850 million in 2005.
Aside from organicgirl produce, LLC, which sells organic salad greens and other vegetables packaged in biodegradable, corn-based, non-petroleum containers, Big Idea also markets premium conventional produce under the NewStar and various private label brands.
Since launching 18 months ago, organicgirl is now carried in over 5,000 stores, including Safeway, Wal-Mart and Whole Foods.
The brand posted $20 million in sales last year, and is profitable this year, with a market share near 15 percent, according to Stuart Rudick, partner at Mindful Investors.
The $2 million investment will help expand the brand into wider distribution, Rudick said.
The Mill Valley, Calif.-based venture fund also just closed on a $25 million first round for its debut fund, Mindful Investors Fund I LP.
The goal is to raise between $50 million and $100 million for the new fund with a second financing round likely in the third, Rudick told Sustainable Food News.
Big Idea is the fourth company added to its portfolio of investments in natural, organic and sustainable consumer products.
Mindful invests between $2 million and $5 million in companies with an enterprise value of $10 million to $100 million.
The other three companies in Mindful’s portfolio include: CleanFish, Inc., a sustainable seafood supplier; Seventh Generation, the leading manufacturer of eco-friendly household and personal care products; and Ecohaus, Inc., a leading West Coast retailer of green building materials.
He and his partners have been actively engaged in the health, wellness and sustainable space for the past 30 years, cultivating deep relationships and gaining invaluable experience.
“This gives us a big edge in seeing big trends in their early stage of dynamic growth,” Rudick told SFN. “Based on our industry network and relationships, we see many founders who want to be working with a financially astute group who also align with their values and will actively work with their company to grow them to be a successful, leading brand.”
