CapitalValue Advisors (“CVA”) is pleased to announce that Fresca Foods, Inc. (“Fresca”) has made a $3.4 million investment in 34 Degrees in exchange for a 10% share of the company. CVA acted as the exclusive financial advisor to Fresca in the transaction. The investment will help 34 Degrees, makers of all-natural, wafer-thin crackers, 34° Crisps, accelerate growth through brand-building programs and continued product innovation. Fresca’s investment builds off a long-term relationship between both parties. Over the past ten years, Fresca has managed product development, materials, purchasing, manufacturing and warehousing for 34 Degrees.
With the investment, 34 Degrees will launch its first-ever comprehensive national consumer marketing campaign
this holiday season. Additionally, through increased access to Fresca’s team, 34 Degrees will expand its research and development efforts to create new flavors, products and packaging formats that fit consumer needs and the changing retail environment. 34 Degrees will continue to operate as a Denver-based independent company led by its existing leadership team and with increased access to Fresca’s operations and management expertise.
“Since day one, our team has looked for creative ways to grow our business, from how we produce 34° Crisps to
where we chose to sell our product in the store,” said Craig Lieberman, founder and president of 34 Degrees. “As we considered potential investors, we once again saw the opportunity to do things a bit differently, expanding an existing partnership with our supply chain partner rather than creating a new partnership with a financial institution. For us, it came down to our beliefs and mission. This is more than a value based partnership, it’s a values based partnership. We’re excited to continue building our business with a partner who places just as much significance on people, community and healthy growth as we do.”
“We at Fresca have a goal to increase accessibility to snack foods that are good for our bodies and the planet,” said Todd Dutkin, CEO of Fresca. “We chose to partner with Craig years ago because we recognized his energy, passion and commitment to building a successful business that delivered a strongly-differentiated product. Today, 34 Degrees is at the precipice of accelerated growth and by combining the strengths of each of our teams, the potential is boundless.”