Kim Kardashian and Jay Sammons' SKKY Partners Acquires Stake in Truff

Kim Kardashian and Jay Sammons' SKKY Partners Acquires Stake in Truff

Kim Kardashian, alongside Jay Sammons, and their private equity firm, SKKY Partners, have recently acquired a significant minority stake in the premium condiments brand Truff. This brand, known for its truffle-infused products, has been making waves in the consumer market since its inception.

Transaction Snapshot

  • Deal Value: N/A
  • Deal Type: Acquisition of a significant minority stake
  • Deal Date: Expected to close in Q1 2024
  • Investors: SKKY Partners, co-led by Kim Kardashian and Jay Sammons
  • Founders: Nick Ajluni and Nick Guillen

Truff, founded in 2017 by Nick Ajluni and Nick Guillen, began as a digitally-native brand offering truffle-infused hot sauce. Since then, it has expanded its product line to include pasta sauce, mayonnaise, oil, and salt. The brand has made its presence known in over 20,000 U.S. retail stores, including well-known chains such as Whole Foods, Target, Kroger, and Publix. Its flagship hot sauce remains a top seller and is notably the fastest-growing hot sauce in conventional grocery stores.

Truff has also established significant B2B partnerships, collaborating with brands like Popeyes Louisiana Kitchen, Hidden Valley Ranch, Taco Bell, and The Super Mario Brothers Movie.

Kim Kardashian expressed her enthusiasm for the acquisition, stating that Truff represents the ideal type of business SKKY Partners aims to invest in, highlighting its strong consumer connection and potential for growth. Jay Sammons emphasized their eagerness to partner with Truff to enhance its brand trajectory through increased awareness and product introductions.

Nick Ajluni and Nick Guillen will continue their roles as co-CEOs of Truff and remain as significant investors. The transaction will also bring Mark Ramadan, co-founder and former CEO of Sir Kensington’s and Hu, onto Truff’s Board as an independent director, along with David Brisske, Managing Director of SKKY Partners.

The founders of Truff view the backing of SKKY Partners as a testament to their business’s strength and potential. They are particularly excited about Mark Ramadan’s addition to the board, expecting his experience to be crucial for the brand's expansion and innovation strategies.

The investment aims to bolster Truff's position in the market, focusing on expanding distribution, enhancing in-store performance, and introducing new products. Ajluni, in a statement, highlighted their ambition to make Truff a staple in kitchens worldwide.

The truffle market, characterized by its rarity and distinctive flavor, is experiencing growing popularity. Analysts from Global Market Insights estimate the truffles category to be valued at approximately $0.91 billion in 2022, with an expected annual growth rate of 8.5% from 2023 to 2032, potentially reaching around $2 billion by the end of the forecast period.

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