Restock Kroger Initiative Launches Product Incubator
Kroger and private investment firm Lindsay Goldberg have formed PearlRock Partners to help discover the next generation of consumer brands aiming to reach new customers.
The data-driven investment platform aligns with the grocer's Restock Kroger plan, launched in 2017, to create new profit streams that can grow the company and help elevate the customer experience.
“Backed by a state-of-the-art predictive data platform, real-world consumer product expertise and unparalleled merchandising resources, these next-gen brands will be poised for growth and offer Kroger’s broad customer base greater choice, convenience and innovation," said Brian Kelley, partner at New York-based Lindsay Goldberg.
PearlRock Partners will combine Kroger's merchandising capabilities and analytics with Lindsay Goldberg's 20 years of experience in investing in emerging companies.
Cincinnati-based Kroger operates nearly 2,800 retail food stores under various banner names, employing nearly half a million associates. The retailer landed the No. 2 spot of Progressive Grocer's 2019 Super 50 list of top grocers.