Hollywood Star & Entrepreneur Kim Kardashian & Former Carlyle Partner Jay Sammons Private Equity Firm SKKY Partners Makes First Portfolio Investment into Truffle-Infused Premium Condiments Company TRUFF, Acquires Significant Minority Stake
25th November 2023 | Hong Kong
Hollywood star & entrepreneur Kim Kardashian and former Carlyle partner Jay Sammons private equity firm SKKY Partners has announced the first portfolio investment, with the investment made into a truffle-infused premium condiments company TRUFF (significant minority stake). SKKY Partners: “SKKY Partners, a private equity firm focused on high-growth, market-leading consumer brands, today announced that it has signed a definitive agreement to acquire a significant minority stake in TRUFF, the premium flavor-enhancement brand known for elevating and reimagining pantry staples in the sauce and condiments categories. Financial terms of the transaction were not disclosed.” More info below:
“ Hollywood Star & Entrepreneur Kim Kardashian & Former Carlyle Partner Jay Sammons Private Equity Firm SKKY Partners Makes First Portfolio Investment into Truffle-Infused Premium Condiments Company TRUFF, Acquires Significant Minority Stake “
Kim Kardashian, SKKY Partners Co-Founder and Managing Partner: “TRUFF is exactly the kind of business that embodies what we were looking for when we founded SKKY – a next-generation brand with a deep, authentic connection with consumers and the potential for ongoing growth. Nick and Nick have singlehandedly brought truffle-infused products into the mainstream food scene and built a community around the brand that will continue to be key to its success going forward. We’re proud to be kicking off the SKKY portfolio with this investment.”
Jay Sammons, SKKY Partners Co-Founder and Managing Partner: “We are excited to back TRUFF for so many reasons: the passionate, visionary founders; the distinctive, category-defining nature of the products; and the unique brand positioning. The business has a very strong foundation and is now at the perfect juncture for us to bring our experience building and scaling unique consumer brands to help fuel the next stage of TRUFF’s growth.”
Hollywood Star & Entrepreneur Kim Kardashian & Former Carlyle Partner Jay Sammons Private Equity Firm SKKY Partners Makes First Portfolio Investment into Truffle-Infused Premium Condiments Company TRUFF
SKKY Partners – Founded in 2017 by Nick Ajluni and Nick Guillen, TRUFF is bringing truffle-infused products to a broad consumer base through its premium condiments line spanning hot sauce, pasta sauce, mayonnaise, oil and salt. Since its founding, TRUFF has expanded rapidly from a digitally-native, direct-to-consumer hot sauce brand to a multichannel food business with a growing suite of products sold online and in more than 20,000 stores, including Whole Foods, Kroger, Publix, Target and more.
TRUFF’s distinctive flavor, high-quality ingredients, new product innovation and social following have helped it build a significant base of loyal consumers and an impressive list of collaborators and accolades. Recent partnerships include launches with Popeyes Louisiana Kitchen, Hidden Valley Ranch, Taco Bell and The Super Mario Brothers Movie. Most recently, TRUFF was named to Oprah’s Favorite Things 2023, marking the company’s fifth time on the list. TRUFF’s hero product, its hot sauce, is a leading seller in the natural channel and the fastest-growing hot sauce in conventional grocery.
Ajluni and Guillen will continue to lead TRUFF as co-CEOs and remain significant investors in the company. As part of the transaction, Mark Ramadan, the co-founder and former CEO of Sir Kensington’s, a world-renowned condiments business, and former CEO of premium chocolate brand, Hu, will join TRUFF’s Board as an independent director, alongside David Brisske, Managing Director of SKKY Partners. Kirkland & Ellis acted as legal advisor to SKKY Partners. Buchalter acted as legal advisor to TRUFF. The transaction is expected to close in the first quarter of 2024.
Mark Ramadan co-founded Sir Kensington’s, a world-renowned condiments business, and served as the company’s CEO, leading all aspects of the business from its founding in 2010 through its acquisition by Unilever in 2017. In 2019, Ramadan was named CEO of Hu, a breakthrough better-for-you chocolate and snacking business and led the company through its 2021 acquisition by Mondelez. While at Hu, he helped expand product lines and improve the brand’s presence among national retailers. Ramadan is a frequent investor in, and advisor to, growing consumer businesses and currently serves on the Board of New Culture, a food technology business developing cow cheese, without the cow, and True Food Kitchen, a better-for-you restaurant brand. He has been featured on Fast Company’s “1,000 Most Creative People in Business” and Forbes’ “30 under 30” lists.
SKKY Partners is a private equity firm founded by Kim Kardashian and Jay Sammons that focuses on both control and active minority investments in high-growth, market-leading branded consumer companies. The firm’s primary focus is on identifying culturally relevant brands that forge deep emotional connections with their target consumers and offer those consumers coveted products and services. SKKY’s target sectors include health & wellness; food & beverage; apparel, accessories and footwear; luxury; beauty & personal care; leisure; and restaurants. SKKY Partners was established in 2022. Further information on SKKY Partners is available at www.skky.com as well as @skkypartners on Instagram and Twitter.
TRUFF’s lineup of luxury pantry staples is designed to elevate the dining experience. Originally founded through a popular food and lifestyle Instagram blog called @sauce, TRUFF immediately propelled into social media virality with the release of its hot sauce in 2017. The brand quickly became the fastest growing company in the hot sauce space due to its distinctive flavor profile, pristine bottle, truffle -inspired cap and of course the coveted Instagram account @sauce that makes tagging a no-brainer. Taking inspiration from the flagship black truffle experience, TRUFF has expanded its family of products to include other popular favorites like pasta sauce, mayonnaise, truffle oil and most recently truffle salt. You can find TRUFF’s variety of products in stores nationwide and around the world in the UK, Australia, Kuwait and South Korea. TRUFF is gluten-free and non-GMO. Visit www.TRUFF.com for more information and recipes.
Hollywood Star & Entrepreneur Kim Kardashian & Former Carlyle Partner Launches Private Equity Firm SKKY Partners to Invest in Consumer & Media Businesses
8th September 2022 – Hollywood Star, entrepreneur & billionaire Kim Kardashian and a former Partner at top private equity firm Carlyle Group Jay Sammons are launching a private equity firm SKKY Partners to invest in consumer & media businesses (consumer products, hospitality, luxury, digital commerce & media). Both Kim Kardashian & Jay Sammons are co-founcers & co-managing partners. Kim Kardashian, SKKY Partners Co-Founder and Co-Managing Partner: “ I’m excited to launch SKKY Partners to invest in the next generation of consumer brands, leveraging my experience founding and building global businesses and partnering with innovative companies to help them grow. I look forward to working closely with Jay and our team to identify distinctive investment opportunities and build the firm’s portfolio of world class companies for our investors.” SKKY Partners Co-Founder and Co-Managing Partner Jay Sammons: “I have been privileged to spend my career partnering with the founders and leaders of some of the most influential and culturally groundbreaking consumer brands of our time. Now, in partnership with Kim and Kris, I look forward to building SKKY into the leading private equity firm that backs the next generation of innovative, disruptive consumer businesses and brands. Kim Kardashian with her business KKW Beauty and popular shapewear firm Skims, is a billionaire with an estimated fortune of more than $1.8 billion. More info of SKKY Partners below.
SKKY Partners is a private equity firm founded by Kim Kardashian and Jay Sammons that focuses on both control and minority investments in high-growth, market-leading consumer and media companies. The company’s target sectors include consumer products, digital & e-commerce, consumer media & entertainment, hospitality and luxury. SKKY Partners was established in 2022.
Established in 2022, SKKY Partners will utilize the unique and complementary backgrounds of its Founders to accelerate value creation in a portfolio of high-growth consumer and media businesses. As the founder of multiple businesses valued over $1 billion and one of the most recognized and followed women in the world, Kim Kardashian has established herself as a highly accomplished, influential business leader with an unmatched ability to identify and define culture, and she will leverage these experiences to drive the origination of SKKY’s investment opportunities, develop the team and create value in the portfolio. Jay Sammons has spent the last two decades investing in many of the world’s most well-known consumer brands, including over 16 years at Carlyle. In his most recent role as Carlyle’s Global Head of Consumer, Media and Retail, Jay developed a reputation for his ability to partner with founders and business builders in high-growth consumer and media companies to create lasting value, often through exits to market-leading strategic acquirers. He will lead the day-to-day operations of the firm, including originating investment opportunities, managing the team and driving performance in the portfolio. Kris Jenner, who has overseen the development of her family’s multi-billion-dollar collection of businesses, will also partner with the team to identify and pursue differentiated investment opportunities, and to drive strategy, impact and value.
Further information on SKKY Partners is available at www.skky.com as well as @skkypartners on Instagram and Twitter