Revolution Foods Becomes a Public Benefit Corporation as it Delivers 76 Millionth Meal During the Pandemic
Significant Move by Healthy Meals Provider and Champion of Citywide Wellness Follows Capital Raise of $60M
OAKLAND, Calif., Sept. 8, 2021 /PRNewswire/ -- Revolution Foods, a company transforming citywide wellness by providing healthy, culturally relevant and affordable meals for school and community feeding programs nationwide, today announced the company's conversion to a Delaware Public Benefit Corporation (PBC), codifying its commitment to operating sustainably and generating social impact through its ongoing operations. The announcement follows a $60 million funding round led by L2 Point and investment funds managed by Morgan Stanley Private Credit. The new funding will allow the company to continue its mission of building lifelong healthy eaters and providing greater access to nutritious foods. The funding will further enable significant investment in systems, production infrastructure and innovation to serve more communities in need.
With school meals at its foundation, Revolution Foods has long been dedicated to creating meals that meet or exceed nutrition and ingredient standards set by the federal government and making its products accessible throughout the U.S., including in low-income communities. Widespread distribution of healthy meals is even more critical as the pandemic continues to exacerbate food insecurity for vulnerable populations, and Revolution Foods has expanded its ability to serve communities in need throughout the pandemic.
Revolution Foods became a Certified B Corp in 2009. Now as a PBC, the company continues its work as a for-profit company while deepening its social mission of large-scale food systems change through higher standards of purpose, transparency and accountability. The company will also remain a certified B Corp to satisfy its reporting requirements as a PBC.
"The transition to a PBC marks an important milestone in our journey while also aligning with our broader company mission to transform citywide wellness," comments Kristin Groos Richmond, CEO and co-founder of Revolution Foods. "The Board's approval of this critical measure, coupled with L2 Point and Morgan Stanley Private Credit's significant investments, will enable us to strengthen our infrastructure and innovation while we expand into new channels and regional markets. This investment will support the company's ability to address a growing market to offer equitable access to healthy food nationwide."
"Revolution Foods has been a leader in serving food-insecure populations for over a decade," says Kerstin Dittmar, managing partner of L2 Point. "As the only company of national scale specifically focused on affordable healthy meals, we believe Revolution Foods is uniquely positioned to address the growing demand for nutritious, good-for-you food options across an increasingly wide range of customer segments."
"We're excited to integrate becoming a PBC into our legal charter so we can ensure that Revolution Foods' accountability to all stakeholders continues in our next chapter of growth," adds Kirsten Saenz Tobey, Revolution Foods co-founder. "Our growth opportunities have always been tightly connected to our mission and DNA, and becoming a PBC now cements our commitment to balancing mission and profit, while solidifying our commitment to ensuring that every meal we serve has a direct impact on transforming lives and addressing food insecurity in a scalable manner."
Since its inception in 2006, Revolution Foods has designed, produced and delivered close to 500 million healthy meals to various partners, including community and major city feeding programs, childhood education centers, districts, charter schools, senior programs and afterschool youth programs, across 23 states. The company has also created over 1,500 jobs in inner city areas across eight culinary center locations. Over the course of the pandemic, Revolution Foods expanded its offering to address acute food insecurity among the nation's most vulnerable populations.
Through their investment, L2 Point and Morgan Stanley Private Credit join Revolution Foods' existing investor base, which includes Revolution Growth, Catamount Ventures, DBL Investors, Westly Group, and Oak Investment Partners.
For more information about Revolution Foods, please visit RevolutionFoods.com.
About L2 Point
L2 Point is a San Francisco based investment firm providing innovative capital solutions for growth companies. With expertise across the capital structure, L2 Point works to address a common concern of late-stage companies today: the lack of an alternative cost of capital product between highly dilutive growth equity and operationally restrictive debt. For more information, please visit: www.L2-Point.com.
About Morgan Stanley Private Credit
Morgan Stanley Private Credit, part of Morgan Stanley Investment Management, is a private credit platform focused on direct lending and opportunistic private credit investment in North America and Western Europe. The Morgan Stanley Private Credit team invests across the capital structure, including senior secured term loans, unitranche loans, junior debt, structured equity and common equity co-investments. For further information, please visit the website: https://www.morganstanley.com/im/privatecredit.
About Revolution Foods
Founded in 2006, Revolution Foods is committed to transforming citywide wellness and making healthy, chef-crafted, culturally relevant meals accessible to all. The company's innovative approach began with serving freshly prepared, healthy meals to students in the San Francisco Bay Area. Since then, the company has designed, produced and delivered close to 500 million meals to various sites across 23 states, including community and major city feeding programs, childhood education centers, districts, charter schools, senior programs, and afterschool youth programs. Committed to combating food insecurity, Revolution Foods is a certified B Corporation — recognized by B Lab with the COVID-19 Impact Award — aiming to drive systems change and a brighter future for our nation. For more information, visit RevolutionFoods.com.
SOURCE Revolution Foods
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