The investment will be used to grow retail distribution and in-store visibility, along with driving brand awareness through consumer marketing channels.
Primal Bars are sold in more than 7,000 distribution points in the UK, including Tesco, Sainsbury’s, Co-op Food and WHSmith outlets, with international sales currently accounting for 30% of turnover.
The snack firm recently launched a range of bars, each containing 15g of plant-based protein. The latest variant in the range was the Double Espresso High Protein Bar, which contains 15g of protein and 146mg of caffeine.
Expanded senior team
As part of the growth plan, the company has expanded its senior team, with Hash Alsaidi joining as sales director.
Alsaidi has worked in sales and commercial roles at food manufacturers including Mondelēz, Unilever and Gü. Nathan Griffiths, who has previously worked for confectionery manufacturer Perfetti Van Melle, has joined as head of marketing.
Founder Suzie Walker, who created the brand in 2014 in her kitchen, said: “We are incredibly delighted to be welcoming NVM on our journey to becoming a leading and trusted real food brand.
“With their backing, we can take The Primal Pantry to the next level, ensuring more consumers have the opportunity to try our products and encouraging them to make better food choices.
Healthy snacking category
“Led by impulse shopper and consumer needs, the healthy snacking category is finally finding its own space in-store, but there is a lot more work to be done. With this investment we want to further support the category growth through insight, true innovation and shopper marketing to bring the fixture to life.”
Charlie Pidgeon, investment manager of NVM Private Equity, said: “The Primal Pantry is an exciting premium branded food business, which has grown rapidly since inception. In a short period of time, the business has built a strong and recognisable brand and has accumulated an impressive roster of retailers stocking the business’ products.
“Having been impressed with the team’s achievements to date, we believe the business has the potential to become a category leader in the rapidly growing healthy snacking sector.”