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Salt & Straw, the Portland-based artisanal ice cream chain known for counterintuitive flavor combos and explosive growth over the past 15 years, is exploring a sale that could fetch a price of more than $200 million.
Thompson Reuters reported on the potential deal last week, citing anonymous sources who said the company is working with investment bank Piper Sandler on the sale process.
The company generates over $100 million in annual revenue, according to Thompson Reuters’ reporting.
“We are currently in the early stages of exploring a capital transaction, as we have at other points in our history, to support the next chapter of Salt & Straw’s growth,” co-founder Kim Malek said in a written statement published by The Oregonian Monday. “Tyler and I remain fully committed to building this company for the long term—and to the people, culture, and guest experience that have made Salt & Straw what it is, and the communities we’ve called home since day one."
Salt & Straw was founded in 2011 by cousins Kim and Tyler Malek. First launched as a cart on Northeast Alberta Street, the company has since grown to 55 locations, mostly concentrated on the West Coast but including shops in Arizona, Florida, New York and Texas.
The brand made its mark with quirky flavors like pastrami on rye and strawberry balsamic with black pepper. Last month, the company announced its Tacolate, launched last year in partnership with Taco Bell, would be available at New Seasons—the first time any Salt & Straw product has been sold at a grocery store.
The Maleks still own shares in Salt & Straw, but have brought in outside investors including Dwayne “The Rock” Johnson, the private equity firm KarpReilly and Enlightened Hospitality Investments.
