Mighty Spark Food Co., the small Minneapolis-based specialty meat brand, is being acquired by a private equity firm focused on food, beauty and health products.
Swander Pace Capital, which initially invested in Mighty Spark in February, is buying the company along with minority partner Branch Brook Holdings. Terms of the deal, announced Tuesday, were not disclosed.
Company spokeswoman Kristy Welker said the acquisition will have no impact on employees or its headquarters in Loring Park.
Mighty Spark has experienced a complete evolution since founder Nick Beste launched it at Minneapolis farmers markets in 2008, when he was still in college. Originally called Man Cave Craft Meats, the company was a burger-and-brats food stand focused on grilling enthusiasts.
As the company grew, Beste and his team realized its branding and product mix had limited appeal to women and needed a remedy. They introduced flavor-packed turkey burgers and chicken sausages. In 2018, the company rebranded as Mighty Spark to further expand its consumer base.
The buyer, Swander, has a history of investing in consumer products' companies — some of which it acquires and others it helps grow before divesting. Its past investments include Applegate, which is now owned by Austin, Minn.-based Hormel Foods Co., and Liberté, which is now owned by Golden Valley-based General Mills.
The minority stakeholder Branch Brook is a group formed by Swander, Jefferson Capital Partners and United Natural Foods Inc. that makes investments in organic, natural and specialty consumer brand companies. United Natural Foods, or UNFI, bought Eden Prairie-based Supervalu Inc. in 2018.
Along with the sale, Beste will step into a board member role and focus on the company's meal-donation and philanthropic work. He will also maintain a stake in the company. Sean Reid, who most recently served as executive vice president of sales at Jack Link's, has been appointed Mighty Spark's new CEO.
"I am excited to welcome my new partners and a new CEO to our company to leverage their experiences with other high-growth, innovative food brands," Beste said in a statement. "I'm thrilled our partners have embraced our mission, as well as our commitment to product quality and innovation."