HPA Announces Acquisition of Portfolio Company Simple Mills by Flowers Foods, Inc.
Chicago, IL – January 8, 2025 – Hyde Park Angels (HPA), a premier early-stage venture capital group specializing in investing through its unique People First model, is pleased to announce that its portfolio company, Simple Mills, has entered into a definitive agreement to be acquired by Flowers Foods, Inc. (NYSE: FLO) for $795 million in cash. With market-leading positions in several natural snacking segments and abundant white space for future growth, Simple Mills perfectly aligns with Flowers’ strategy of adding compelling brands that complement and diversify its existing portfolio.
Founded in 2012 by Katlin Smith, Simple Mills is a market-leading natural foods brand—offering premium better-for-you crackers, cookies, snack bars, and baking mixes. HPA led the first round of institutional capital in 2014, providing subsequent capital and strategic support to help drive growth and innovation. The firm invested in the founder’s vision and shared Smith’s belief that the company could revolutionize the way food is made to positively impact people and the planet. This mutual commitment to innovation and sustainability has been central to the company’s journey toward this milestone achievement.
Katlin Smith, founder and CEO of Simple Mills, commented, “This transaction marks the beginning of a new phase of growth for Simple Mills and we are thrilled to join the Flowers family. I am extremely proud of our talented team and the strong brand we’ve built with the support of our valued partners and loyal customers. With Flowers’ resources, we will be well positioned to broaden distribution, accelerate innovation, and amplify brand awareness, while advancing our mission. Flowers has a strong track record of fostering growth in its acquired companies while stewarding and protecting their brand promise. I cannot imagine a better partner for Simple Mills and the team, and I look forward to working alongside Flowers to build upon our strong history of growth.”
The transaction is anticipated to close in the first quarter of 2025, subject to customary regulatory approvals and closing conditions. Upon closing, Simple Mills will operate as an independent subsidiary of Flowers Foods, maintain its operations in Chicago, Illinois and Mill Valley, California, and continue to be led by founder and CEO Katlin Smith and her leadership team.
“We are incredibly proud of Simple Mills’ achievements and the successful partnership we’ve built over the years,” said Pete Wilkins, Managing Partner at HPA. “This acquisition by Flowers Foods is a testament to the hard work, dedication, and purpose-driven approach of Katlin and the Simple Mills team, and we are confident that this strategic move will propel the company to new heights. As HPA reflects on this decade-long journey, we recognize the privilege of working alongside an inspiring founder like Smith. The organization appreciates the tremendous contributions made by her and her team. Additionally, HPA is grateful for the numerous individuals and partners within HPA who have played a vital role in supporting Simple Mills and would like to offer a special thank you to HPA Deal Lead George Peinado, who has served on the Simple Mills board since 2016.”
Full press release here.