ReadyWise Company Profile

Background

Overview

ReadyWise, established in 2008 and headquartered in Salt Lake City, Utah, specializes in providing high-quality, shelf-stable food solutions across various industries. The company offers a diverse portfolio, including freeze-dried and dehydrated foods, catering to emergency preparedness, outdoor activities, and everyday consumption.

Mission and Vision

ReadyWise's mission is to deliver innovative, reliable, and long-lasting food products that support emergency preparedness, foodservice, private label production, and direct-to-consumer markets. The vision is to be the world's leading provider of customized food solutions, recognized for innovation, reliability, and commitment to preparedness.

Industry Significance

As a leader in the emergency food preparedness sector, ReadyWise plays a crucial role in providing dependable food solutions for unforeseen events, outdoor adventures, and daily needs. The company's products are designed for long-term storage, offering peace of mind to consumers worldwide.

Key Strategic Focus

Core Objectives

ReadyWise aims to expand its market presence by offering a wide range of shelf-stable food products, enhancing its direct-to-consumer channels, and strengthening partnerships with organizations like One Tree Planted to support environmental sustainability.

Areas of Specialization

• Emergency Preparedness: Providing ready-to-eat meals and snacks for disaster relief and emergency situations.

• Outdoor Activities: Offering convenient meals for camping, hiking, and other outdoor adventures.

• Private Label and Contract Manufacturing: Developing customized food solutions for various brands and businesses.

Key Technologies Utilized

ReadyWise employs advanced freeze-drying and dehydration technologies to create shelf-stable food products that retain nutritional value and taste. The company also utilizes sustainable packaging solutions in collaboration with partners like Packsize to reduce environmental impact.

Primary Markets Targeted

• Retail Consumers: Individuals seeking emergency food supplies and outdoor meal options.

• Foodservice Industry: Restaurants, institutions, and commercial kitchens requiring bulk food solutions.

• Private Label Partners: Businesses looking for customized food products under their own brand names.

Financials and Funding

Funding History

In January 2022, ReadyWise was acquired by Goode Partners LLC, a New York-based private equity firm. This acquisition aimed to expand ReadyWise's leadership in the emergency food preparedness market and accelerate growth in outdoor recreation and everyday meals and snacks categories.

Total Funds Raised

The specific total funds raised by ReadyWise prior to the acquisition are not publicly disclosed.

Notable Investors

• Goode Partners LLC: Acquired ReadyWise in January 2022.

Utilization of Capital

The capital from the acquisition is intended to expand ReadyWise's market position in emergency food preparedness and accelerate growth in outdoor recreation and everyday meals and snacks categories.

Pipeline Development

Key Pipeline Candidates

ReadyWise continues to develop and expand its product offerings, including:

• Emergency Food Kits: Long-term food storage solutions for disaster preparedness.

• Outdoor Meals: Convenient meals for camping and outdoor adventures.

• Private Label Products: Customized food solutions for various brands and businesses.

Stages of Development

ReadyWise's products are in various stages, from conceptualization and development to market launch. The company continually innovates to meet consumer needs and industry trends.

Target Conditions

ReadyWise's products are designed to address:

• Emergency Preparedness: Providing reliable food options during unforeseen events.

• Outdoor Activities: Offering convenient and nutritious meals for outdoor enthusiasts.

• Everyday Consumption: Supplying ready-to-eat meals and snacks for daily use.

Anticipated Milestones

ReadyWise aims to achieve:

• Product Expansion: Introducing new meal options and flavors.

• Market Penetration: Increasing presence in retail and foodservice sectors.

• Sustainability Initiatives: Implementing eco-friendly packaging and sourcing practices.

Technological Platform and Innovation

Proprietary Technologies

ReadyWise utilizes proprietary freeze-drying and dehydration processes to create shelf-stable food products that retain nutritional value and taste. The company also employs sustainable packaging solutions in collaboration with partners like Packsize to reduce environmental impact.

Significant Scientific Methods

• Freeze-Drying and Dehydration: Techniques that preserve food quality and extend shelf life.

• Sustainable Packaging: Collaborations with partners like Packsize to implement eco-friendly packaging solutions.

Leadership Team

Executive Profiles

• Morten Steen-Jørgensen: Chief Executive Officer (CEO) since January 2019. Prior to joining ReadyWise, Morten served as Chairman of the Board of Alasko Foods / Moov and was the president of GN Mobile/Jabra.

• Shayne Keckley: Chief Financial Officer (CFO).

• Brandon Eriksson: Chief Operating Officer (COO).

• Dallas Smith: Chief Marketing Officer (CMO).

• Tim Lawlor: Chief Sales Officer (CSO).

• Wendy Davenport: Chief Product Officer (CPO).

• Kerri Fuchs: Chief People Officer (CPO).

Leadership Changes

In January 2022, ReadyWise was acquired by Goode Partners LLC, a New York-based private equity firm. The existing management team, led by CEO Morten Steen-Jørgensen, remained intact following the acquisition.

Competitor Profile

Market Insights and Dynamics

The emergency food preparedness market is experiencing growth due to increasing consumer awareness of the need for emergency preparedness and the convenience of ready-to-eat meals. The market is characterized by a diverse range of products, including freeze-dried and dehydrated foods, catering to various consumer needs.

Competitor Analysis

• Augason Farms: A family-owned company specializing in affordable, quality emergency foods, offering a wide range of products with a focus on nutritional flexibility.

• Mountain House: Known for its freeze-dried meals, offering a variety of options suitable for emergency preparedness and outdoor activities.

• Legacy Food Storage: Offers a range of emergency food supplies with a focus on taste and quality, providing options for various dietary needs.

Strategic Collaborations and Partnerships

ReadyWise has partnered with organizations like One Tree Planted to support environmental sustainability initiatives. Additionally, collaborations with Packsize have led to the implementation of eco-friendly packaging solutions.

Operational Insights

ReadyWise differentiates itself through its commitment to quality, innovation, and sustainability. The company's diverse product offerings and strategic partnerships position it well in the competitive landscape.

Strategic Opportunities and Future Directions

Strategic Roadmap

ReadyWise plans to:

• Expand Product Offerings: Introduce new meal options and flavors to meet diverse consumer preferences.

• Enhance Market Presence: Increase distribution channels and strengthen partnerships with retailers and foodservice providers.

• Advance Sustainability Efforts: Implement more eco-friendly practices in sourcing, production, and packaging.

Future Business Directions

ReadyWise aims to solidify its position as a leading provider of emergency food supplies and outdoor meals, leveraging its innovative products and commitment to quality.

Opportunities for Expansion

The company sees opportunities in expanding its international presence, developing new product lines, and exploring additional partnerships to enhance its market reach.

Positioning for Future Objectives

ReadyWise's focus on innovation, quality, and sustainability positions it well to achieve its future objectives and continue to meet the evolving needs of its customers.