Caveman Foods, LLC
Caveman Foods, LLC (“Caveman” or the “Company”) produces paleo-inspired nutrition bars, protein bars, granola bars, and jerky. Its entire product portfolio is paleo, gluten-free, dairy-free, soy-free, peanut-free, and contains no refined sugar. Products are sold through big-box retailers, national grocery chains, independent storefronts, and its e-commerce platform.
Since its founding in 2011, Caveman experienced double-digit revenue growth and increasing brand equity. Following an unexpected curtailment of certain customer marketing programs in early 2020, revenue declined and liquidity became strained. In response, management implemented several strategic initiatives to expand and diversify its customer portfolio, rationalize its cost structure, and launch new product categories to re-energize customers and increase sales. To achieve its long-term objectives, the Company sought a partner to strengthen its capital base for future growth.
SSG was retained to conduct a targeted marketing process to secure additional liquidity to fund the Company’s projected cash needs and growth plan. SSG canvassed a wide range of investors, ultimately delivering competitive term sheets. The convertible note financing provided by Carmenta will provide Caveman the runway to scale the business and support growth initiatives.