Jeni’s seen as ‘splendid’ investment for Boston firm
It’s no secret that Jeni’s Splendid Ice Cream has garnered national attention for its adventurous flavors of gourmet ice cream, and an east coast investment firm is looking to turn the frozen treats of the Columbus-based eatery into cold hard cash.
According to a press release, Boston-based Castanea Partners is becoming a part-owner of Jeni’s, along with founder Jeni Britton Bauer, her husband Charly Bauer and CEO John Lowe, in exchange for investing a substantial sum of money into the company.
Though the exact terms of the deal were not released, Castanea Partners typically invests between $15 million and $150 million into businesses, according to its website. Castanea has approximately $1 billion under management.
In case this isn’t really obvious already, this is huge. That’s enough money to fund a veritable Jen-pire.
Britton Bauer said in a blog post that the influx of equity will be put towards expansion and product improvements.
“Enter Castanea. You might think of them as our new sponsors, helping to fund our mission. I think of them as the financial partner of our dreams,” Britton Bauer writes. “They are invested in us—in our company, our culture, our people, and our mission.”
The partnership marks a transition for Jeni’s: the ice cream parlor is no longer exclusively locally-owned, but it sounds like Castanea has confidence in the company’s vision.
It’s tough to say what changes Jeni’s will undergo in the coming months, but for now, it’s safe to say that such a substantial investment is a good sign not only for Jeni’s, but for Columbus business as well.
Read Jeni Britton Bauer’s full blog post below!
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