Austin-based CeCe’s Veggie Noodles has sold its manufacturing plant to San Antonio-based Fresh Texas, which will use the plant to expand its production capacity.
As part of the agreement, Fresh Texas said it will continue to produce CeCe’s vegetable-based product line at the 40,000-square-foot facility in Austin, off Bluestein Drive.
Fresh Texas, which completed the deal in partnership with private equity group Texas Next Capital, did not disclose financial terms for the deal.
CeCe’s has about 90 Austin employees, and they will be retained with a plan to add more jobs at the Austin facility with an expanded production schedule, Fresh Texas said.
Fresh Texas supplies grocery retailers with packaged fruits, vegetables and herbs as well as meal and snack kits and party trays.
Judy Clark, CEO of Fresh Texas, said the expansion was driven by the company’s growth amid increasing consumer interest in healthy eating.
"The Austin facility is a state-of-the-art operation that complements our San Antonio campus," Clark said. "We look forward to working with the team in Austin and increasing the production within the facility."
Clark said CeCe’s will continue to operate as a standalone business.
Austin entrepreneur Mason Arnold founded CeCe’s, which was originally named Veggie Noodle Co., in 2015. A chemical engineering degree from the University of Texas helped him build a machine that spiralizes raw vegetables, Arnold told the American-Statesman in 2019.
"My mind immediately went to, how can I make these really fast and high quality," he said. "No one had figured out how to make vegetable noodles in large quantities."
The company’s first products were pre-packaged, organic spiralized zucchini, butternut squash, sweet potatoes and beets. Today it also offers packaged riced vegetables and meal kits.
CeCe’s products are sold at grocers including Whole Foods Market, Wheatsville Food Co-op and Central Market.
Private equity firm Encore Consumer Capital invested $14 million in CeCe’s in 2017. A year later, the company announced that Whole Foods Market’s former co-CEO Walter Robb invested in the company.
The company’s 2018 revenue was $24.9 million, according to a report from Inc., which named CeCe’s the third-fastest growing company on its 5,000 list of the most successful companies in America. CeCe’s grew more than 23,880%, according to the report.
"The sale of our manufacturing assets will allow us to incorporate our noodle expertise into more diverse operations and expand our capabilities under the CeCe's brand," Arnold said. "We look forward to partnering with Fresh Texas on future innovation and the continued manufacturing of high-quality organic CeCe’s product line."
The Link LonkNovember 03, 2020 at 03:23AM
https://www.statesman.com/business/20201102/cecersquos-veggie-noodles-sells-austin-plant-to-fresh-texas
CeCe’s Veggie Noodles sells Austin plant to Fresh Texas - Austin American-Statesman
https://news.google.com/search?q=fresh&hl=en-US&gl=US&ceid=US:en
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