Venture capital firm invests in dog treats and tortilla shells |
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Mass High Tech
Venture capital firm invests in dog treats and tortilla shells
Andy Dale
You don't often see a venture capital firm invest in dog biscuits. Or, for that matter, a company that makes tortilla shells.
But Buerk Dale Victor has found some interesting opportunities in areas that traditionally don't end up in a venture capitalist's portfolio. The Seattle venture firm earlier this year led a $7.5 million recapitalization of Blue Dog Bakery, a Seattle maker of all-natural, low-fat dog treats.
That followed a deal with Fresca Mexican Foods in 2007, a Boise tortilla company. What gives?
Andy Dale, a managing partner of Buerk Dale Victor, said that that their growth equity strategy has always included small buyout oriented deals.
"One idea we like is to help good people buy successful growing businesses and take them up the growth curve," said Dale, whose firm has backed a diverse set of companies such as ReliOn, Escapia and Door to Door Storage.
In the case of Blue Dog, Dale said they have known CEO Kyle Polanski for a number of years. On the Fresca deal, the firm worked with Andy Savin -- who had previously held an executive role at BDV portfolio company Performant -- to lead the buyout.
Dale said they aren't limiting their buyouts to dog biscuits and tortillas.
"We are also interested in the idea of doing growth buyouts of small tech or Internet companies and have pursued a few opportunities, but not found the right one yet," he said.
And Dale noted -- especially in this tough economic time -- that there's a certain appeal to look for companies that are already generating cash.
"Growth capital for cash flow positive growing businesses is certainly a theme that is a bit easier to focus on in these times," he said.
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