US-based private equity firm Weld North has acquired a minority stake in Organic Avenue, an organic food and juice business, for an undisclosed amount.
Weld North, based in New York City, has developed a range of 50 custom developed healthy product categories including organic, cold-pressed juices, soups, smoothies, salads, booster shots, gourmet entrees and desserts.
The company has eight boutiques and seasonal pop-up locations as well as a full-service e-commerce website.
This investment marks the first in the health and wellness segment for Weld North. As part of the transaction, Weld North chairman and CEO Jonathan Grayer will become the chairman of Organic Avenue.
Jonathan Grayer said that Organic Avenue has witnessed a significant growth in the greater New York City market with high volume stores in key New York neighborhoods addressing an important and growing consumer
"We look forward to helping Organic Avenue realize its goal to open many more new locations over the next two years and to position the company for long-term expansion," Grayer added.