Kroger is planning to launch new product brands after a partnership with private investment firm Lindsay Goldberg.
The partnership, called PearlRock Partners, will be an incubator for next-generation products, combining Kroger’s expertise in grocery and Goldberg’s data-driven focus on family- and founder-run businesses and management team, according to a statement.
PearlRock is part of Kroger’s alternative profit streams portfolio.
“We are excited to add PearlRock Partners to our portfolio of high-growth alternative profit businesses that generate additional value from our core grocery business. We are confident this partnership with Lindsay Goldberg will help discover and cultivate new brands that Kroger customers will love,” said Stuart Aitken, Kroger’s senior vice president of alternative business and CEO of 84.51°. “We are transforming from grocer to growth company by deploying our assets to serve even more customers and create margin-rich alternative profit streams.”
“We are excited about building a long-term partnership with Kroger,” said Eric Fry, a Partner at Lindsay Goldberg.
PearlRock Partners adds to Restock Kroger, Kroger’s plan to redefine the food and grocery customer experience through its stores, logistics and data assets. Kroger’s new growth model will be a “virtuous cycle,” according to the statement.
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