Uncle Matt’s Organic, the leading US brand of organic orange and grapefruit juices, has been bought back by its founder, Matt MClean, who sold the company to Dean Foods in 2017.
In November of 2019, Dean Foods – one of America’s biggest dairy businesses – filed for bankruptcy after struggling with shifting consumer preferences, private label competition and declining demand for conventional white milk.
This unique situation presented an opportunity for McLean to bid for the brand he started.
“If you told me three years ago after selling to a publicly-traded, multi-billion dollar CPG leader that I’d buy Uncle Matt’s Organic back out of bankruptcy, I wouldn’t have believed you,” said Matt McLean, Uncle Matt’s Organic founder and CEO. “When Dean’s financial distress took a saddening and unfortunate turn, it became a rare opportunity for us to purchase Uncle Matt’s to expand distribution, innovate into new categories, and educate consumers on the intrinsic health benefits of buying organic,” he continued.
The McLean family is now supported by a newly formed team of successful industry investors including:
Gary Hirshberg, co-founder of Stonyfield Organic
John Foraker, Former CEO of Annie’s and co-Founder and CEO of Once Upon a Farm
Andrew Abraham, MD, CEO and founder at Orgain
Nicole & Peter Dawes, founders of Late July Snacks & Nixie Sparkling Water
Matt Rogers, founder of Nest and Incite.org
Renewal Funds, a mission venture capital firm with a commitment to supporting organic companies, also participated.
“Uncle Matt’s is one of America’s truly legendary organic brands,” said Gary Hirshberg, co-Founder of Stonyfield Organic. “From their very start, the McLean family has been at the forefront of meshing the most advanced ecological sciences together with a maniacal dedication to extraordinary taste and nutrition.”
Bob Burke, principal of Natural Products Consulting, will join board members Matt McLean, Susan McLean, Gary Hirshberg and Paul Richardson, co-Founder and managing partner of Renewal Funds. The Giannuzzi Group served as lead counsel throughout the bankruptcy process.
John Foraker, co-Founder and CEO of Once Upon a Farm commented, “It is rare to have the opportunity to invest in and support a “start-up” with so much history and opportunity ahead of it. I am excited to support Matt, Susan, and the Uncle Matt’s brand on their continued path to build a meaningful brand with impact that consumers love and trust.”
“I am humbled to partner with such a high-calibre and experienced team,” said Matt McLean, who, with his wife Susan McLean, were retained by Dean Foods on Uncle Matt’s senior management team.
“My wife and I are excited for the opportunities ahead. To be surrounded and supported by colleagues who have had enormous success in the organic industry is an honor and a journey we are looking forward to,” he concluded.
The sale of Uncle Matt’s Organic to Harmoni, Inc., was finalized on April 30, 2020.