SSG Capital Advisors, LLC (“SSG”) acted as the investment banker to Caveman Foods, LLC (“Caveman” or the “Company”) in the placement of a convertible note by Carmenta Capital Co-Investments, L.P. (“Carmenta”). The financing will provide liquidity to scale the business and support growth initiatives. The transaction closed in October 2020.

Caveman 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 constrained. 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. Leveraging its significant consumer product experience, SSG canvassed a wide range of investors, ultimately delivering competitive term sheets. The financing provided by Carmenta proved to be the best solution as it provided Caveman with the capital to execute on its long-term objectives.

Carmenta Capital Co-Investments, L.P. is a private equity and venture capital firm based out of Oakland, California.

Other professionals who worked on the transaction include:

• Alfredo B. D. Silva, Blair K. George and Elizabeth Beutel of Morrison & Foerster LLP, counsel to Caveman Foods, LLC; and
• Melissa T. Sanders, Alexander Hernaez, Wei Li and Alexander Kerzhner of Fox Rothschild LLP, counsel to Carmenta Capital Co-Investments, L.P.