07.29.13
Boulder Brands, Inc., Boulder, CO, has acquired 80% of GlucoBrands, LLC, owner of Level Life Foods, Highlands Ranch, CO. Level is an up and coming company, approaching $1 million in sales, which provides products to help in the daily management of diabetes. Level’s first products, Level Life Glucose Gels, were launched in September of 2012 for use primarily by EMTs and type 1 diabetics to help correct low blood sugar level events. With the acquisition, Boulder Brands will launch Level’s next and primary line of products – bars and shakes – designed to help control carbohydrates, support healthy blood sugar levels and help satisfy hunger for those managing carbohydrate and sugar intake, including consumers who may be prediabetic or who already have type 2 diabetes.
Health organizations rank diabetes as a top health concern as there are currently 26 million people living with diabetes, and 80 million people with prediabetes, in the U.S. today.
“We are excited to add Level to our health and wellness innovation platform as it will become our fourth category elastic, need state vertical brand, serving the diabetic consumer. Ultimately, Level will complement Smart Balance in heart health, Earth Balance in plant based and Udi’s and Glutino in gluten free. Diabetes is one of the largest and fastest growing need states in consumer foods today. However, it is an underserved market with few brands offering great tasting products with the optimal balance of sugar and carbohydrates. Level is market ready and is currently launching four bars and four shakes. As with our other brands, category expansion opportunities are extensive, and we look forward to growing Level to a much larger brand in the future,” commented Steve Hughes, chairman and chief executive of Boulder Brands.”
Mr. Hughes, added, “We are very impressed with the experience and passion of the Level management team, led by Peter Noverr. Peter has more than 15 years of success in business start-ups and turnarounds such as EAS and Atkins Nutrition. His cofounder, Ethan Lewis, is a passionate and highly respected advocate in the diabetes community. Peter will become vice president of Level and will immediately leverage the Boulder Brands’ sales, marketing and supply chain teams to fast track the launch into bars and shakes.”
Mr. Hughes concluded, “Today we made three strategic announcements that represent important steps in helping us continue to fulfill our vision of creating a high growth, high margin, health and wellness innovation platform. First, we refinanced our credit facility at reduced interest rates and less restrictive covenant terms, creating flexibility for future acquisitions. In addition, we licensed Smart Balance Milk to a strong partner, Byrne Dairy, a move that will ensure this business becomes a positive contributor to profits in 2014. Finally, we acquired 80% of Level Life Foods, a market ready diabetes brand that will enable us to add a fourth category elastic platform and serve a need state vertical that targets an important consumer group. We look forward to updating shareholders in more detail on our August 1st earnings call .”
The financial impact of the majority acquisition of GlucoBrands, LLC (Level) will be provided on the company’s upcoming earnings call on August 1, 2013.
Health organizations rank diabetes as a top health concern as there are currently 26 million people living with diabetes, and 80 million people with prediabetes, in the U.S. today.
“We are excited to add Level to our health and wellness innovation platform as it will become our fourth category elastic, need state vertical brand, serving the diabetic consumer. Ultimately, Level will complement Smart Balance in heart health, Earth Balance in plant based and Udi’s and Glutino in gluten free. Diabetes is one of the largest and fastest growing need states in consumer foods today. However, it is an underserved market with few brands offering great tasting products with the optimal balance of sugar and carbohydrates. Level is market ready and is currently launching four bars and four shakes. As with our other brands, category expansion opportunities are extensive, and we look forward to growing Level to a much larger brand in the future,” commented Steve Hughes, chairman and chief executive of Boulder Brands.”
Mr. Hughes, added, “We are very impressed with the experience and passion of the Level management team, led by Peter Noverr. Peter has more than 15 years of success in business start-ups and turnarounds such as EAS and Atkins Nutrition. His cofounder, Ethan Lewis, is a passionate and highly respected advocate in the diabetes community. Peter will become vice president of Level and will immediately leverage the Boulder Brands’ sales, marketing and supply chain teams to fast track the launch into bars and shakes.”
Mr. Hughes concluded, “Today we made three strategic announcements that represent important steps in helping us continue to fulfill our vision of creating a high growth, high margin, health and wellness innovation platform. First, we refinanced our credit facility at reduced interest rates and less restrictive covenant terms, creating flexibility for future acquisitions. In addition, we licensed Smart Balance Milk to a strong partner, Byrne Dairy, a move that will ensure this business becomes a positive contributor to profits in 2014. Finally, we acquired 80% of Level Life Foods, a market ready diabetes brand that will enable us to add a fourth category elastic platform and serve a need state vertical that targets an important consumer group. We look forward to updating shareholders in more detail on our August 1st earnings call .”
The financial impact of the majority acquisition of GlucoBrands, LLC (Level) will be provided on the company’s upcoming earnings call on August 1, 2013.
