The equity platform of alternative asset firm TPG announced it has received its stake from the company’s management and other shareholders. Tara Bosch, who founded SmartSweets in 2015, will remain the largest individual shareholder.
By offering terrific tasting innovations like low-sugar Gummy Bears, Peach Rings, Sour Blast Buddies and newly launched Gummy Worms, SmartSweets has helped its customers across the US and Canada kick over 1 billion grams of sugar.
Launched in 2016 from Bosch’s home kitchen, SmartSweets says it is on a mission to help customers kick sugar and keep candy.
The company innovates a wide variety of better-for-you alternatives to traditional candy products. With 87-92% less sugar than traditional candy, its promise to the consumer is to be free from artificial sweeteners, added sugars, and sugar alcohols.
As part of the partnership, Bosch will remain with the company and maintain her seat on the board - focussing on innovation, strategic initiatives and amplifying the SmartSweets community - while transitioning her CEO responsibilities to Douglas MacFarlane, former CEO of Ontario-based Voortman Bakery.
“I am so excited to help write the next chapter of the SmartSweets story with Tara, the SmartSweets family, and TPG,” said MacFarlane. “Five years ago, Tara disrupted the candy aisle with a low-sugar, radically better choice to our favorite treats. I look forward to continuing her passion, vision, and energy by working with the SmartSweets team to bring further innovation to the candy category and beyond.”
Additional terms of the transaction were not disclosed.