Private equity firm Altura has agreed to take a controlling stake in healthy snacking brand Squirrel Sisters.
Due to complete at the end of June, the acquisition will make Altura the third equal partner in a triad with founder Gracie Tyrrell and existing investor GFT Retail.
Altura and GFT plan to then transition into full joint ownership over the next few years, according to Tyrrell, who has now stepped back from day-to-day operations but remains a shareholder and joint owner in the trademark.
GFT took joint ownership of Squirrel Sisters in 2023 to accelerate the brand’s growth, and has since been responsible for the brand’s operations, warehousing & logistics, as well as supporting its marketing and sales efforts.
Squirrel Sisters makes a range of vegan, nut-rich snack bars marketed to health-conscious consumers.
The Altura deal brought both fresh investment and “dedicated commercial resource, expertise and infrastructure” into the business, Tyrrell told The Grocer.
“This includes a full sales and account management function, alongside brand-building and marketing and product development support, positioning Squirrel Sisters for a significantly accelerated phase of growth across retail and beyond,” she said.
Altura’s roughly 20-strong team will now directly support GFT’s team of four.
Tyrrell had been exploring a partial sale for the past year, with the aim to bring in a partner that could help grow the brand, Tyrrell added.
“The brand has faced significant supply chain challenges over the past couple of years, which have impacted performance and limited our ability to pursue new opportunities during that time.
“We were introduced to Altura via a mutual contact and it quickly became clear there was a strong strategic fit given their experience in scaling challenger brands.”
With those issues now resolved and commercial activity driven by Altura, the brand has entered “a new phase of growth”. Run-rate revenues are due to reach £1m by the end of 2026, based on accounts and sales that are “secured” and “already in the pipeline”.
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