MPearlRock Bets Big on Clean-Label Snacking with Good Crisp Acquisition

The race to capture health-conscious snackers intensified this week as MPearlRock, a strategic partnership between MidOcean Partners, Kroger, and data analytics firm 84.51°, announced the acquisition of The Good Crisp Company, a rapidly expanding clean-label salty snack platform. While financial terms were not disclosed, the deal underscores the surging investor appetite for better-for-you brands that deliver on both taste and health attributes—a combination that has proven elusive for many legacy snack manufacturers.

Founded in 2015 by Matt Parry, The Good Crisp Company has established itself as a differentiated brand in the salty snack category, offering "guilt-free" canister chips, cheeseballs and crinkle cut chips in classic flavors that are characterized by their gluten-free, non-GMO, and no artificial flavor/ingredient attributes. The brand's products are now available in over 20,000 retail doors across the U.S., Canada, Australia and the UK, positioning it as one of the fastest-growing clean-label platforms in a category traditionally dominated by conventional chip makers.

The acquisition comes amid a broader wave of M&A activity in the better-for-you food and beverage sector. In 2025 alone, strategic and private equity buyers have deployed over $6 billion in capital pursuing functional foods and clean-label brands, with PepsiCo's $1.95 billion acquisition of prebiotic soda brand Poppi and Celsius Holdings' $1.8 billion buyout of Alani Nutrition leading the charge.

What sets this transaction apart is the unique value proposition MPearlRock brings to emerging CPG brands. MPearlRock is a strategic partnership between MidOcean Partners, a New York-based alternative asset manager, Kroger, and its wholly owned data subsidiary, 84.51°. This tri-party structure creates a powerful growth engine that combines private equity capital, America's largest supermarket chain, and sophisticated consumer analytics.

For The Good Crisp Company, access to Kroger's vast retail footprint represents an immediate growth catalyst. With approximately 2,800 stores across 35 states, Kroger provides unparalleled shelf space and consumer reach. But the real differentiator lies in 84.51°'s data science capabilities, which can identify purchasing patterns, optimize product placement, and target marketing with precision that standalone brands struggle to achieve.

MPearlRock brings together MidOcean's demonstrated operational and investment track record with PearlRock's unique capabilities to drive consumer brand growth including: access to a broad distribution footprint at Kroger, proprietary data science/analytics and media capabilities from 84.51°.

Brian Kelley, Chief Executive Officer of MPearlRock, emphasized the consumer shift driving the investment thesis. "Consumers are increasingly demanding clean-label snacks that offer ingredient simplicity without sacrificing on taste. The Good Crisp Company does just that by leading with its 'great taste, no guilt' consumer proposition, which is simple yet strong", Kelley stated in the announcement.

The timing of this acquisition reflects fundamental shifts in consumer behavior that accelerated during the pandemic and show no signs of reversing. The U.S. healthy snack food industry is experiencing a period of robust growth and dynamic transformation, driven by a fundamental shift in consumer priorities towards health, wellness, and convenience.

Traditional salty snacks—potato chips, pretzels, cheese puffs—have long been viewed as indulgent treats laden with artificial ingredients, excessive sodium, and questionable nutritional value. The Good Crisp Company's approach flips this script by offering familiar formats and flavors while eliminating the ingredients that health-conscious consumers increasingly avoid. The brand's gluten-free, non-GMO positioning addresses multiple consumer concerns simultaneously, from celiac disease and gluten sensitivity to broader clean-eating preferences.

This "better-for-you" positioning has proven commercially viable at scale. Flowers Foods' $795 million buyout of Simple Mills shows the demand for gluten-free and clean-label snacking is still in growth, demonstrating that major food companies are willing to pay premium valuations for brands that have cracked the code on healthier snacking.

The broader snacking market provides ample room for disruption. While legacy brands still command significant market share, their growth has stagnated as younger consumers migrate toward brands perceived as more authentic and health-forward. The Good Crisp Company's presence in over 20,000 retail locations suggests it has achieved the distribution scale necessary to compete with established players while maintaining its clean-label credentials.

This marks MPearlRock's second significant acquisition in the better-for-you CPG space. In January 2024, the firm acquired non-dairy creamer Nutpods from VMG Partners, signaling a deliberate strategy to build a portfolio of complementary brands targeting health-conscious consumers.

The nutpods acquisition provided MPearlRock with a foothold in the rapidly growing plant-based dairy alternatives category, while The Good Crisp Company extends the platform into salty snacks. This diversification across dayparts and consumption occasions creates cross-selling opportunities and operational efficiencies, from shared distribution networks to consolidated marketing campaigns.

Matt Parry, Founder and CEO of The Good Crisp Company, highlighted the strategic fit in the announcement. "They share our vision for building a better-for-you snack platform that never compromises on quality or taste and bring deep expertise in scaling high-quality packaged food brands. With MPearlRock's strategic support, resources, and collaborative approach, we believe we are exceptionally well positioned to accelerate growth, expand our reach, optimize our manufacturing footprint, and continue delivering for our consumers", Parry stated.

The reference to "optimizing manufacturing footprint" suggests potential operational improvements and capacity expansion under MPearlRock's ownership. For emerging brands, manufacturing often represents a critical bottleneck—balancing quality control, cost efficiency, and production capacity requires capital and expertise that founders may lack. MPearlRock's resources can help The Good Crisp Company scale production to meet growing demand while maintaining the product quality that built its reputation.

The salty snacks category remains highly competitive, with established players like Frito-Lay (owned by PepsiCo), Utz Brands, and Campbell Snacks (formerly Snyder's-Lance) commanding significant shelf space and marketing budgets. However, these incumbents face challenges adapting their product portfolios to evolving consumer preferences.

Large CPG companies often struggle with innovation, constrained by legacy manufacturing infrastructure, risk-averse corporate cultures, and the need to protect existing product lines. This creates opportunities for nimble startups like The Good Crisp Company to capture market share by addressing unmet consumer needs.

The clean-label trend extends beyond health-conscious millennials and Gen Z consumers. Parents purchasing snacks for children increasingly scrutinize ingredient lists, seeking options free from artificial colors, flavors, and preservatives. This demographic shift expands the addressable market for brands like The Good Crisp Company beyond niche health food stores into mainstream grocery channels.

The Good Crisp acquisition exemplifies private equity's sustained interest in consumer packaged goods despite broader economic headwinds. Health and wellness dominate 2025's M&A activity, with major deals showing strong investor appetite for functional and better-for-you products.

What makes these investments attractive? First, consumer staples demonstrate resilience during economic downturns—people continue buying groceries even when discretionary spending contracts. Second, brands with strong consumer loyalty and differentiated positioning can command premium pricing, protecting margins in inflationary environments. Third, the fragmented nature of the better-for-you category creates consolidation opportunities for well-capitalized buyers.

MPearlRock's structure offers additional advantages. Unlike traditional private equity firms that must eventually exit investments, the Kroger partnership creates a potential long-term home for portfolio brands. Kroger could ultimately acquire successful MPearlRock companies outright, providing a built-in exit strategy while ensuring brands maintain retail distribution.

For The Good Crisp Company, the path forward involves several key initiatives. Geographic expansion represents an obvious opportunity—while the brand has achieved impressive distribution in North America, international markets remain largely untapped. The existing presence in Australia and the UK provides beachheads for further expansion in those regions.

Product innovation offers another growth vector. The brand's current portfolio focuses on chips, cheeseballs, and crinkle cuts, but the clean-label platform could extend to adjacent categories like crackers, popcorn, or other salty snacks. Leveraging 84.51°'s consumer data could identify white space opportunities and inform product development decisions.

E-commerce and direct-to-consumer channels present additional upside. While retail distribution provides volume and visibility, online sales offer higher margins and direct customer relationships. The pandemic accelerated online grocery adoption, creating new pathways for emerging brands to reach consumers.

Manufacturing optimization, as Parry mentioned, will be critical to supporting growth. This could involve expanding existing facilities, adding new production lines, or even acquiring contract manufacturing capacity. Maintaining product quality while scaling production represents a delicate balance that will test the partnership's operational capabilities.

This transaction sends several signals to the CPG industry. First, clean-label positioning has evolved from niche marketing to mainstream necessity. Brands that fail to address ingredient concerns risk losing relevance with younger consumers who prioritize transparency and health.

Second, the combination of strategic and financial buyers creates new competitive dynamics. MPearlRock's hybrid model—blending private equity capital with strategic retail and data assets—may inspire similar partnerships. Other retailers could explore joint ventures with investment firms to support emerging brands while securing future acquisition targets.

Third, the premium valuations commanded by better-for-you brands validate the business case for health-focused innovation. While exact terms weren't disclosed, comparable transactions suggest The Good Crisp Company likely achieved a significant multiple of revenue or EBITDA, rewarding Parry and early investors for building a differentiated brand.

Despite the promising outlook, The Good Crisp Company faces headwinds. Commodity costs for ingredients like potatoes, oils, and packaging materials remain elevated, pressuring margins. The brand must balance maintaining its clean-label standards—which often require more expensive ingredients—with pricing that remains accessible to mainstream consumers.

Competition continues intensifying as both startups and established players launch clean-label offerings. Differentiation becomes harder as "gluten-free" and "non-GMO" evolve from unique selling propositions to table stakes. The Good Crisp Company must continue innovating to stay ahead of copycats.

Retail consolidation and the ongoing shift to private label also pose threats. As grocers expand their own better-for-you store brands, shelf space for third-party brands becomes more contested. Maintaining strong velocity and consumer pull will be essential to justify retail placement.

MPearlRock's acquisition of The Good Crisp Company represents a calculated bet on the continued premiumization of the salty snacks category. By combining a proven brand with distribution muscle, data analytics, and operational expertise, the partnership is well-positioned to accelerate growth and capture market share from legacy players.

For founder Matt Parry, the transaction validates a decade of building a brand that delivers on the dual promise of great taste and clean ingredients. For MPearlRock, it adds a complementary asset to a growing portfolio of better-for-you brands. And for consumers, it signals that healthier snacking options will continue expanding beyond specialty retailers into mainstream grocery aisles.

As the food industry grapples with evolving consumer preferences, deals like this one illuminate the path forward: meet consumers where they are, deliver on both taste and health, and leverage data and distribution to scale efficiently. The Good Crisp Company's next chapter will test whether this formula can transform a fast-growing startup into a category leader.

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Type: acquisition

Firm Size: mid-market

Industry: Consumer Packaged Goods - Snacks & Confectionery

Strategy: platform

Deal Size: undisclosed