SKKY Buys Major Stake In Sauce Ventures – Los Angeles Business Journal

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Everything the Kardashians touch seems to turn to gold Kim Kardashian Her latest venture, her investment in the culinary sector, wants to see similar long-term returns.

Megastar’s private equity firm SKKY Partners LP Based on Huntington Beach, he announced his first discovery Sauce Ventures LLCThe company behind the popular brand Truffle on November 21.

It was established last year with the former Carlyle Investment Management LLC Partner Jay Sammons, SKKY focuses on consumer companies and will take a “significant” minority stake in Truf at the beginning of next year. In the year Since its inception in 2017, the condiment brand has rapidly expanded from viral hot sauce to driving the truffle ingredient’s growing popularity in oils, pasta sauces and mayonnaise.

“True SKKY is the type of business that embodies what we wanted when we founded it – a next-generation brand with deep, authentic relationships with consumers and the potential for sustainable growth,” Kardashian said in a statement.

Truffle-infusion has gradually replaced more packaging in the grocery store over the past several years. According to a report published this month ReportLinkerThe black truffle market is projected to grow from $296 million last year to $497 million by 2028.

Truffle itself has taken over shelf space, including a growing collection of products sold in more than 20,000 stores. Whole Foods Market Services Inc., Kroger Co. And Target Inc.

This is the first of eight to 12 investments SKKY plans to make over the next four to five years. Kardashian and Sammons began fundraising in March, lobbying high-profile investors, sovereign wealth funds and family offices to commit at least a few million to the initial fund.

In conducting general processing of consumer goods, SKKY aims to capture the same scale as its Culver City-based counterpart. Skims Body Inc. The shapewear brand has been found hitting trends in their algorithmic sweet spot.

Headquartered in Calabasas and Boston, respectively, out of the homes of the Kardashians and Sammons, SKKY has hired nine employees so far.

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