American Provenance specializes in minimal ingredient, natural and organic personal care products. The company’s product line includes deodorants, lip balms, after-shaves and other grooming products. American Provenance products are sold in more than 800 retailers nationwide, as well as directly to consumers online through its website and Amazon.
With his company at a key inflection point, Kyle LaFond, founder and owner of American Provenance, realized that in order to continue its rapid growth trajectory, he needed additional capital to achieve the following:
Baker Tilly Capital met with Kyle to learn more about the company’s current needs and future growth initiatives. Based on the company’s growth profile and potential, quality of brand and products, Kyle was determined to seek outside institutional funding.
The capital sourcing specialists within Baker Tilly Capital assisted American Provenance with the capital raise process, helping to outline the roadmap for funding, identifying target investors and establishing connections for the company to pursue.
The Baker Tilly Capital team acted as a Valued Business Advisor to American Provenance by providing strategic insight and assisting with the following efforts:
The capital raise resulted in American Provenance raising $500,000 of equity funding by establishing strategic partnerships with two investors – Winnebago Seed Fund and Tru Fragrance & Beauty. The funding was led by the Winnebago Seed Fund, a venture capital fund based in Neenah, Wisconsin that partners with talented entrepreneurs in Wisconsin to rapidly grow their businesses. Tru Fragrance & Beauty, which specializes in perfumes, colognes and body care products, contributed to the capital raise as well.
American Provenance will utilize the funding to expand its production and warehousing capacities by opening a second facility in the third quarter of 2018 and execute an all-encompassing digital marketing campaign. Collectively, the investment will accelerate product development, generate increased inventory and establish same-day shipping capabilities.
“With Baker Tilly Capital’s advisory and support, our collective efforts proved to be a success and the company is well positioned to continue driving momentum and operational excellence. The capital infusion will help us strengthen the American Provenance brand, continue growing our strategic partnerships on a national level and accelerate growth within the personal care products industry.” Kyle LaFond, Founder and Owner – American Provenance
For more information on this deal, or to learn how Baker Tilly Capital specialists can help, contact our team.