Three law firms prepare investment in Kevin’s Natural Foods

(Reuters) – Healthy packaged meal company Kevin’s Natural Foods, advised by Sheppard, Mullin, Richter & Hampton, has secured an investment for an undisclosed amount from TowerBrook Capital Partners LP and NewRoad Capital Partners.

Investment firms TowerBrook and NewRoad work with Kirkland & Ellis and Hogan Lovells respectively. Towerbrook and NewRoad have injected capital into Kevin’s as investors seek to capitalize on consumer interest in healthier food.

Kirkland partner W. Brian Raftery leads the team advising TowerBrook.

The transaction continues TowerBrook’s long-standing relationship with Kirkland. The company previously advised TowerBrook on its investment in business consultancy firm Eisner Advisory Group, according to a press release in August.

The Hogan Lovells team supporting NewRoad is led by Mark Heimlich, corporate and financial partner. Heimlich represented NewRoad in connection with its investments in physiotherapy service provider Bardavon Health Innovations, freight logistics company Emerge and technology company Platform Science.

For TowerBrook and NewRoad’s latest investment, Kevin’s financial advisor is Wells Fargo Securities LLC.

Launched in 2019, Kevin’s produces chilled entrees, sides, sauces and seasonings without refined sugar or artificial ingredients that can be found at stores such as Whole Foods, Target and Giant. The company is based in Modesto, California.

The investment announcement comes exactly one month after PepsiCo Inc announced it was selling juice brands, including Tropicana and Naked, to expand its offerings of health-focused snacks and calorie-free drinks.

Gibson, Dunn & Crutcher is PepsiCo’s lead counsel on the transaction, with Davis Polk & Wardwell providing tax and antitrust advice. Willkie Farr & Gallagher guides the buyer, PAI Partners, while Latham & Watkins is PAI’s financial advisor.

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