U.S. investment firm TPG has taken a majority stake in SmartSweets, a Vancouver-based better-for-you candy brand created by Tara Bosch. Bosch will remain the largest individual shareholder in the company.
Launched in 2016 from Bosch’s home kitchen, SmartSweets is on a mission to help customers kick sugar and keep candy. The company innovates a wide variety of better-for-you alternatives to traditional candy products. With 87-92 per cent less sugar than traditional candy, the products are free from artificial sweeteners, added sugars, and sugar alcohols.
As part of the partnership, Bosch will remain with the company, maintain her seat on the board, and focus on innovation, strategic initiatives and amplifying the SmartSweets community, while transitioning her CEO responsibilities to Douglas MacFarlane, former CEO of Ontario-based Voortman Bakery. MacFarlane is a proven business builder in the food and consumer packaged goods space. During his five-year tenure, he led the transformation of Voortman Bakery into a high-growth leader in the sweet snacking category. Prior to Voortman, he held numerous leadership positions at The Clorox Company and Maple Leaf Foods.
“Five years ago, Tara disrupted the candy aisle with a low-sugar, radically better choice to our favorite treats," says MacFarlane. "I look forward to continuing her passion, vision, and energy by working with the SmartSweets team to bring further innovation to the candy category and beyond.”
MacFarlane joins at a time of impressive growth: SmartSweets has more than doubled its sales in the past year, and continues to grow with key customers while expanding reach and distribution to new channels.