PORTLAND Dave s Killer Bread got a major cash infusion and is now co-owned by New York equity firm Goode Partners.
The partnership will help the Milwaukie Ore.-based bread company expand into new markets around the county, including Texas, Colorado and Illinois, the company said in a prepared statement to KGW.
Dave s Killer Bread is not disclosing the terms of the deal, but Lindsay Yale, a company spokeswoman said Goode Partners now has a 50-percent stake in the company.
The incredibly popular bread company saw huge growth during the past seven years, and is already available in 11 states. Dave s Killer Bread needed to ramp-up production and partner with new distributors in order to meet demand around the country.
All you have to do is go to our Facebook page and see that people ship the bread to each other. It's crazy. Everybody wants the bread, so why not give it to them, said Dave Dahl, co-founder and face of Dave s Killer Bread.
Yale said the new investment partnership won t affect the 280 employees and the company s headquarters in Milwaukie and analysts are expecting about $50 million in sales this year.
Dave, Shobi and Glenn Dahl, who founded Dave s Killer Bread seven years ago, will have equal representation on the new board of directors. Three representatives from Good Partners including the New Chairman, Angelo Fraggos, will make up the other half of the board.
We think this brand is something special, so we jumped at the opportunity to partner with the Dahls, said Dan Bonoff, a Partner at Goode Partners in a press release to KGW.
Dave Dahl will keep his title as company president and continue as head of product development. He insists that the new expansion will not affect the taste or quality of his killer bread.