A Charlotte equity firm expands market growth adding locally-sourced honey brand
A Charlotte private equity firm and Duke’s mayonnaise owner is sweetening its packaged foods offerings with the addition of a national honey brand.
Falfurrias Capital Partners said Tuesday it acquired Colorado-based Local Hive Honey in an undisclosed deal.
The investment is part of Falfurrias’ plan to grow in the packaged foods market, Falfurrias Partner Ken Walker said in a news release.
Local Hive Honey is Falfurrias’ fourth investment in packaged food companies in the last two years, and the second one this year. In April, Falfurrias made an undisclosed investment in the family-owned company Carolina Foods, a manufacturer of baked goods including Duchess products, also based in Charlotte.
Local Hive Honey produces 23 types of raw and unfiltered honey sourced from beekeepers throughout the U.S, according to Falfurrias. Each honey has a unique flavor and color based on the region it comes from. Local Hive products are available at Charlotte-area grocery stores including Harris Teeter, Food Lion and Walmart, as well as on Amazon.
Consumer demand for local, raw and unfiltered honey is growing, Falfurrias Capital advisor Mary-Ann Somers, a former executive at Hershey’s and Coca-Cola, said in the release.
About Local Hive Honey
Local Hive Honey started in 1924 as Lucky Clover Honey in Colorado.
Following an investment four years ago by Mission Consumer Capital, Centerfield Capital Partners and Plexus Capital, the company rebranded as Local Hive Honey.
Local Hive Honey works with more than 250 beekeepers throughout the U.S., according to the company’s website.
About Falfurrias Capital Partners
Falfurrias Capital Partners was founded in 2006 by former chairman and CEO of Bank of America Hugh McColl Jr., former CFO of Bank of America Marc Oken and Managing Partner Ed McMahan.
The firm focuses on growth-oriented middle-market companies, according to Falfurrias.
Other packaged food investments by Falfurrias since 2019 include sauce and spice manufacturer Sauer Brands Inc., known for Duke’s mayonnaise, and the popcorn seasoning company Chicago Custom Foods.