January 20, 2022

100 Million Dollar Natural Meat Snack Brand, Chomps, Secures Investment with Stride Consumer Partners

NAPLES, FL — January 20, 2022 – Chomps, the fastest-growing natural meat snack brand in absolute dollar growth in both the Natural (1) and Conventional (2) retail channels in the U.S., has secured a minority investment from private-equity firm Stride Consumer Partners (Stride).

This is the first outside private equity capital Chomps has raised and Stride’s first large investment in the food category. Stride’s involvement will help Chomps to accelerate innovation, brand-building, and distribution. William Blair, Piper Sandler and Giannuzzi Lewendon advised Chomps on the transaction. Terms of the deal were not disclosed.

Headquartered in Naples, FL and with offices in Chicago, IL, Chomps was founded by Peter Maldonado and Rashid Ali and is minority-owned and operated. With more than $100 million dollars in retail revenue, it is a brand on a mission to provide the highest quality, best tasting meat snacks. All Chomps meat sticks are made with sustainably sourced proteins, such as grass-fed and finished beef and venison and free-range turkey with no hormones, no antibiotics and no added sugar, creating a delicious and satisfying healthy snack. Each Chomps comes packed with protein and 0g of added sugar and are Whole30 Approved, Certified Gluten-Free, Certified Paleo, Keto Certified, and Allergy-Friendly. Chomps are available in more than 18,000 retail stores nationally, such as Walmart, Trader Joe’s and Whole Foods Market, as well as top e-tailers like Amazon and Thrive Market.

“Stride bought into the Chomps business plan and people one hundred percent,” said Peter Maldonado, Chomps co-founder and CEO. “As many business owners can attest to, 2021 was a very difficult year in terms of supply chain issues. Stride’s team has an excellent track record of rolling up their sleeves and successfully navigating the explosive growth and challenges we’re facing, and we could not be happier to have them as our partners.”

Chomps founders boot-strapped the company from the start, successfully scaling the family-owned business profitably without relying on outside capital. The decision to partner with Stride came after a thorough search that spanned more than 6 months and engaged over 60 potential partners. Stride was selected for its team’s passion for the Chomps mission and brand, industry-leading expertise, and alignment with Chomps’ core values.

“The decision to raise outside capital now, after all these years, is multi-pronged,” said Rashid Ali, Chomps co-founder and COO. “We’re taking an offensive move in the category by further amplifying the Chomps brand and gaining access to industry leaders that will allow us to continue to strive toward our mission and to level up our amazing team. Stride trusted Chomps’ founders to retain control of the business, while working together to aggressively accelerate our strategic initiatives.”

“We could not be more delighted to partner with Pete, Rashid, and the whole Chomps team,” said Juan Marcos Hill, Stride partner. “They have built an amazing brand and the perfect snack, one which is so well aligned with what today’s consumers are looking for including clean ingredients, high protein, low carbs and low sugar. But most importantly a product that tastes great.”

“We were impressed by the Chomps team’s authenticity, passion, and commitment to provide consumers products that are truly better-for-you and better for the environment,” Tom First, Stride operating partner added. “It is a natural fit with the types of companies we want to align with at Stride. We look forward to supporting the Chomps team on their journey to introduce this incredible brand to more consumers.”

(1) SPINS, TPL, Total US Natural Enhanced, L52 WE 12.26.21; dollar sales change vs. year ago

(2) SPINS, NPI, Total US MULO, L52 WE 12.26.21; dollar sales change vs. year ago

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