LOUISVILLE — Fresca Foods Inc. has made a $3.4 million equity investment in Denver-based 34 Degrees, a maker of 34 Degree Crisps, all-natural, wafer-thin crackers.
Louisville-based Fresca Foods has taken 10 percent ownership in 34 Degrees. The capital will allow 34 Degrees to put more emphasis on brand-building programs and product innovation to spur growth.
While owning a building seems like something every successful business should do, that’s not always the case. For many companies, it makes more sense to continue leasing space, freeing up time and capital that can be better utilized in other ways.
For the past 10 years, Fresca and 34 Degrees have been business partners, with Fresca managing product development, materials purchasing, manufacturing and warehousing functions for 34 Degrees.
“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.”
Lieberman said the arrangement is 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.”
Todd Dutkin, CEO of Fresca, said 34 Degrees “is at the precipice of accelerated growth and by combining the strengths of each of our teams, the potential is boundless.”
This holiday season, 34 Degrees will launch its first national consumer marketing campaign. 34 Degrees will continue to operate as an independent company led by its existing leadership team.