Buff City Soap Announces Growth Investment from General Atlantic
Original Article: PR Newswire - June 04, 2021
DALLAS and NEW YORK — Buff City Soap, a plant-based home and personal care brand franchise, today announced it has raised new funding from General Atlantic, a leading global growth equity firm. Buff City Soap will use the funds to support continued store openings, product category expansion, and growth in e-commerce.
Founded in 2013, Buff City Soap’s mission is to create plant-based products free of harsh chemicals and detergents. The Company has experienced rapid growth as consumers are drawn to its differentiated, high quality offering of soap, laundry, bath and body products, which are handcrafted daily in each store’s Soap Makery. Buff City Soap was acquired in November 2019 by Guideboat Capital Partners and Crux Capital who brought on a new team and have built one of the fastest growing franchise systems in the U.S. going from a 26-unit operation to 100+ stores in a year and a half.
“Our deep experience in consumer products and hands-on approach to partnering with our management team was instrumental in building Buff City Soap into a fast-growing innovator in the home and personal care space,” said Mike Sutton, Managing Partner at Guideboat Capital Partners. “We made significant investments last year in the team and systems while fortifying our product offering that has resonated across the U.S.”
The business currently has more than 100 stores across the U.S. and has significant expansion planned for 2021 and beyond. Buff City Soap has attracted highly experienced franchisees who have helped extend the brand’s reach to more than 20 states and have demonstrated strong enthusiasm for the Buff City Soap concept and mission.
“With a handmade product line and a focus on transparency, Buff City Soap has established a loyal customer following,” said Andrew Crawford, Global Head of Consumer at General Atlantic. “As consumers increasingly look for high-quality home and personal care offerings that emphasize plant-based ingredients, we believe there is meaningful opportunity for Buff City Soap’s continued growth through product, category, and unit expansion. We look forward to partnering with the Buff City Soap management team, as well as existing investors Crux Capital and Guideboat Capital Partners, to meaningfully scale the business.”
“Partnering with General Atlantic will help accelerate Buff City Soap’s scale and unit expansion across the U.S.,” said Wayne Moore, Managing Partner at Crux Capital. “During our ownership, Buff City Soap has more than quadrupled in size and has the potential to redefine a category of retail. We are more excited than ever about our growth potential.”
As part of the transaction, Andrew Crawford will join the Buff City Soap Board of Directors. Additional terms of the deal were not disclosed.
About Buff City Soap
Founded in 2013 and franchising since 2018, Buff City Soap continues its rapid growth trajectory across 20 states and 100+ stores. Buff City Soap’s delightfully smelling and uniquely handmade soap, laundry, bath and body products are disrupting the retail beauty and consumer goods categories, and Buff City Soap was recognized in Entrepreneur’s Top 100 “Best of the New” franchise rankings. For more information visit the Buff City Soap website: www.buffcitysoap.com.
About Crux Capital
Crux Capital’s core mission is to invest in and grow small, profitable companies. Crux Capital focuses on investing in a select number of high-quality businesses and partnering with management teams to build value over the long term. Crux Capital works closely with company management to implement strategies to build and unlock value over time. For more information visit the Crux Capital website: www.crux-cap.com.
About Guideboat Capital Partners
Guideboat Capital Partners is a Dallas-based private equity firm focused on investments in entrepreneur and founder led lower middle-market companies. Guideboat Capital Partners is a long-term partner to great management teams seeking out the next level of growth or liquidity. Guideboat Capital Partners continuously supports their portfolio companies as active advisers and offers operational support to achieve full potential value for all stakeholders. For more information visit the Guideboat Capital Partners website: www.guideboatcap.com.
About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build market-leading businesses worldwide. General Atlantic has more than 175 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com.
