Dallas-based acquisition platform Foundry Brands acquired the successful DTC men's grooming brand Supply, built by a husband-wife team searching for a better shave.
WHO: After leaving a corporate job at Lockheed Martin Aeronautics, Patrick Coddou started Supply in 2017, while co-founder and Chief People Officer Jennifer Coddou worked full-time as a math teacher. They launched with razors that promised a smooth shave without the hassle of clogging or tedious blade changes, and a lifetime guarantee. The duo started the company out of their spare bedroom, stored products in their garage, and shipped from their laundry room. Supply expanded its product lineup to include skincare, travel kits, and other grooming accessories, selling in more than 40 different countries.
Focusing on companies in spaces like pet, fitness, outdoor, and personal care, Foundry Brands helps build brands with revenues between $1 million and $50 million through capital and expertise. The company was launched last July with $100 million in debt-free equity capital from LightBay Capital and Monogram Capital Partners.
IN THEIR OWN WORDS: "We built up the supplies from our spare bedroom, stored the products in our garage, and shipped them out of our laundry room," Patrick Coddou said. "We had no special training, celebrity endorsers, wealthy family members, or venture capital connections. We had a lot of supportive friends—and most importantly, each other."
"While our outcome won't make TechCrunch, I believe it's the most attainable representation of the American Dream: Have an idea, work your tail off for years, scale it to millions, sell it for millions," Coddou wrote in a Twitter thread announcing the deal.
Coddou said the supply journey has been "a rollercoaster," adding that their "strengths lend themselves more to starting up, as opposed to scaling a company." On Twitter, he wrote that the decision to sell now is due to the co-founders' "personal risk tolerance, personal stress tolerance, market timing and business timing."
"I've laid a solid foundation for the business, and now it helps me take it far beyond its limits," Coddou wrote. "My dedication to my customers is still the same as it was before."
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