Woman-Led Food Startup Simple Mills To Be Acquired In $795 Million Deal
A Chicago startup that has grown into a national brand since winning at the UChicago New Venture Challenge in 2014 will be sold for $795 million in an all-cash deal.
Georgia-based Flowers Foods Inc., one of the largest producers of packaged bakery foods, said Wednesday it will acquire Simple Mills in an effort to further diversify its existing portfolio.
Founded by Katlin Smith in 2012, Simple Mills initially offered “better-for-you” baking mixes, and later expanded to crackers, cookies and other snacks to become a leading distributor in the natural category.
Hyde Park Angels, an early investor in Simple Mills that has been on a 10-year journey with the startup, called the deal a big win for the entire Chicago startup ecosystem that other founders should take inspiration from.
“Simple Mills has showcased how a local startup can compete on a national scale by focusing on innovation and sustainability in the food sector with a purpose-driven approach,” Pete Wilkins of HPA said in an email to Chicago Inno. “Their success highlights the potential for Chicago-based companies to drive impactful change and grow into influential players in their industries.”
Hyde Park Angels led Simple Mills’ first round of institutional capital in 2014, investing in Smith’s vision from the beginning.
The gluten-free confectionary market is expected to reach $6.6 billion by 2032, according to Allied Market Research.
“From the beginning we shared the belief that the company could revolutionize how food is made by offering better-for-you food options that are both delicious, nutritious and sustainable,” Wilkins added. “We saw a tremendous opportunity in the natural snack space, where consumer demand was on the rise.”
Post-acquisition, Simple Mills will maintain its operations in Chicago and Mill Valley, California, with the leadership team remaining in place, operating as an independent subsidiary of Flowers Foods.
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