Buff City Soap, a plant-based home and personal care brand franchise, raised new funding from General Atlantic.
WHO: Founded in 2013 and franchising since 2018, Buff City Soap's mission is to create plant-based products free of harsh chemicals and detergents. The company has experienced rapid growth as consumers are drawn to its differentiated, high-quality offering of soap, laundry, bath, and body products, which are handcrafted daily in each store's Soap Makery. The business currently has more than 100 stores across 20 states in the US and has significant expansion planned for 2021 and beyond.
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector-specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build market-leading businesses worldwide.
WHY: Buff City Soap will use the funds to support continued store openings, product category expansion, and growth in e-commerce.
IN THEIR OWN WORDS: "Our deep experience in consumer products and hands-on approach to partnering with our management team was instrumental in building Buff City Soap into a fast-growing innovator in the home and personal care space," said Mike Sutton, Managing Partner at Guideboat Capital Partners. "We made significant investments last year in the team and systems while fortifying our product offering that has resonated across the US."
"With a handmade product line and a focus on transparency, Buff City Soap has established a loyal customer following," said Andrew Crawford, Global Head of Consumer at General Atlantic. "As consumers increasingly look for high-quality home and personal care offerings that emphasize plant-based ingredients, we believe there is meaningful opportunity for Buff City Soap's continued growth through product, category, and unit expansion. We look forward to partnering with the Buff City Soap management team, as well as existing investors Crux Capital and Guideboat Capital Partners, to meaningfully scale the business."
"Partnering with General Atlantic will help accelerate Buff City Soap's scale and unit expansion across the U.S.," said Wayne Moore, Managing Partner at Crux Capital. "During our ownership, Buff City Soap has more than quadrupled in size and has the potential to redefine a category of retail. We are more excited than ever about our growth potential."
- Buff City Soap raised new funding from General Atlantic. The terms of the deal were not disclosed.
- As part of the transaction, Andrew Crawford will join the Buff City Soap Board of Directors.
- Buff City Soap was acquired in November 2019 by Guideboat Capital Partners and Crux Capital, who brought on a new team and have built one of the fastest-growing franchise systems in the US, going from a 26-unit operation to 100+ stores in a year and a half.
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