Houlihan Lokey Advises Bragg Live Food Products

Houlihan Lokey's Consumer, Food & Retail Group is pleased to announce that Bragg Live Food Products, Inc. (Bragg) has been acquired by an investor group led by Swander Pace Capital (SPC), a leading private equity firm specializing in investments in consumer products companies; Dragoneer Investment Group (Dragoneer), a growth-oriented investment firm; and co-investors singer-songwriter Katy Perry, actor Orlando Bloom, and the founder of Pressed Juicery, Hayden Slater. The transaction closed on March 11, 2019.

This deal represents another successful transaction for Houlihan Lokey in the food and beverage industry.

Founded in 1912 by Paul Bragg and headquartered in Santa Barbara, California, Bragg is a pioneer brand that has evolved into a portfolio of health and wellness products, including apple cider vinegar, amino acids, nutritional yeast, dressings, seasonings, and ready-to-drink products. Its products are available in natural foods stores, supermarkets, mass-market retailers, and e-commerce retailers globally.

Swander Pace Capital is a private equity firm that invests in companies that are integral to consumers' lives. SPC's consumer industry expertise informs the firm's strategic approach and adds value through access to its history of successful strategies, its senior team, and its extensive network. SPC invests in businesses across three domains of consumer lifestyles: Food + Beverage, Body + Wellness, and Home + Family. SPC's prior branded investments include Applegate, Kicking Horse Coffee, Liberté, Merrick Pet Care, Renew Life Formulas, Alden's Organic Ice Cream, and Swanson Health Products, among others. With offices in San Francisco, New Jersey, and Toronto, SPC has invested in more than 50 companies and has raised cumulative equity commitments of approximately $1.8 billion since 1996.

Dragoneer is a San Francisco-based growth-oriented investment firm with more than $7 billion in long-duration capital from many of the world's leading endowments, foundations, sovereign wealth funds, and family offices. Dragoneer has a history of partnering with management teams growing exceptional companies characterized by sustainable differentiation and superior economic models. The firm's track record includes public and private investments across industries and geographies, with a focus on technology-enabled businesses. Dragoneer has been an investor in companies such as Airbnb, Alibaba, AmWINS, AppFolio, Dollar Shave Club, Etsy, Mercado Libre, PointClickCare, Slack, Spotify, Square, Twilio, Uber, and others.