The Good Bean recently announced the acquisition of vegan-friendly Beanitos, the maker of better-for-you bean-based chips and puffs. The purchase was directed through investments from leading CPG growth equity firm, L Catterton, 2x Consumer Products Growth Partners, a growth capital and industry partner to emerging brands, and BFY Capital, a growth accelerator specializing in health, wellness, and sustainable brands.
The expanded portfolio includes 10 The Good Bean SKUs and 16 Beanitos SKUs creating the largest legume-based snacking portfolio in the US with the scope and scale to reach conventional, mass, natural, and niche consumers nationwide. Both brands also bring a foundational commitment to sourcing through US farms, that when combined, have a significant positive impact on sustainable domestic agriculture while delivering healthier snacks. The brands’ current combined annual procurement of sustainably grown and harvested legumes now exceeds 5 million pounds.
“From the beginning, our mission has been to make bean and plant-based snacking accessible, delicious, and affordable for everyone while supporting responsible agriculture,” said Sarah Wallace, founder, and CEO of The Good Bean. “The Beanitos portfolio perfectly complements the whole-bean snacking focus that The Good Bean is known for, and combining these two brands structurally and operationally will enable us to streamline many processes throughout the supply chain to create efficiencies for our industry partners – and ultimately our consumers in the US and Canada. We’re fortunate to have investment partners who believe in our vision and are eager to amplify growth for both brands.”
A veteran in the natural products industry, Wallace worked with companies such as Clif Bar, Kashi, ThinkThin, and PopChips before launching The Good Bean in 2010. Under her leadership, The Good Bean has been profitable year over year without utilizing outside capital. Wallace remains in her role as CEO, overseeing strategic growth, mission-based ingredient sourcing and channel acceleration for both brands.
As an earlier investor in the Beanitos brand, 2x Partners will continue to counsel The Good Bean on strategy and brand growth.
“We are big supporters of Beanitos and this partnership marks the beginning of an exciting new chapter,” said Andy Whitman, managing partner at 2x Partners and board member for The Good Bean. “The synergies between these two brands create needed leadership in this space, as well as provides an ability to further accelerate growth while delivering best-in-class service to our partners and all snackers.”
The Good Bean® is the pioneer of roasted chickpea and whole bean snacks with a commitment to helping people snack better. Created by Sarah Wallace, who was inspired by the roasted chickpeas she grew up eating in India. All the Good Bean snacks are non-GMO, gluten-free, and high in fiber and protein. As a female founder-led brand, The Good Bean has historically supported women-led businesses as well as domestic small farms. The Good Bean can be found at grocery stores, natural retailers, mass and club stores nationwide as well as online.