Salt & Straw explores sale as ice cream deal activity stays in focus
Salt & Straw is weighing a sale that could value the boutique ice cream chain at more than $200 million. The process comes as the company generates more than $100 million in annual revenue and expands beyond scoop shops into select grocery sales.
Highlights
- Salt & Straw is exploring a sale with Piper Sandler, with sources indicating a potential valuation above $200 million.
- The company operates roughly 50 stores, sells in grocery outlets, and counts Dwayne Johnson, KarpReilly, and Enlightened Hospitality Investments among its investors.
- The potential sale comes amid heightened ice cream sector deal activity, including Unilever’s 8.63 billion euro Magnum spinoff and Levine Leichtman’s Kilwins acquisition in 2023.
Sale process and company profile
As first reported by Reuters, Salt & Straw is working with investment bank Piper Sandler on a potential sale, according to three people familiar with the matter. The sources say the discussions could lead to a valuation of more than $200 million, though the matter remains private.Founded in Portland, Oregon, in 2011 by cousins Kim Malek and Tyler Malek, the company has built a brand around small-batch flavors including salty donut guava and cheese. It now operates about 50 stores, mostly on the U.S. West Coast, and has recently begun selling half-pints in select grocery stores.
Investor backing and sector context
The founders remain significant shareholders, but Salt & Straw has also brought in outside investors over the years. Its backers include Dwayne "The Rock" Johnson, private equity firm KarpReilly and Enlightened Hospitality Investments.The potential transaction emerges as investors continue to watch consolidation and capital activity across the ice cream sector. Reuters notes that Unilever last year spun off its ice cream unit Magnum into a separately traded company now valued at about 8.63 billion euros, while minority investments have been more common than full buyouts among ice cream chains; in 2023, Levine Leichtman Capital Partners acquired Michigan-based Kilwins, which has more than 150 locations.
The sale of the Liberty Loan Building in Washington, D.C., was part of the U.S. government’s push to shrink its real estate footprint by disposing of underused federal assets. Our earlier coverage noted the transaction’s expected taxpayer savings from reduced deferred maintenance and annual operating costs, and highlighted strong investor interest tied to the site’s redevelopment potential in the city’s transforming Southwest corridor.
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