Laird, a producer of straightforward, functional foods featuring clean ingredients like mushrooms, pumpkin seeds, and hemp, made headlines with its much-anticipated IPO nearly two years ago. However, the company’s journey in the public markets has proven challenging. Despite operating in the healthier food sector, Laird continues to incur losses and recently reported a 6% decline in sales during its second quarter compared to the previous year. Co-founded seven years ago by renowned big wave surfer Laird Hamilton, the company has appointed Vieth as its new CEO, drawn by his extensive experience in the food and beverage industry, including roles at Sovos Brands and WhiteWave Foods, which is now under Danone.
Laird is under pressure from major consumer packaged goods (CPG) companies and numerous emerging brands offering similar products. It is particularly affected by supply chain disruptions and inflation, which are diminishing consumers’ purchasing power. The board at Laird may eventually conclude that, while they still have faith in the brand’s equity and recognition, achieving long-term objectives might be more feasible outside the relentless scrutiny of Wall Street. Given that Laird’s cash reserves are nearly equal to its market value, EF Hutton SPV I LLC might identify an economic opportunity to acquire the food manufacturer and potentially sell the brand to a larger owner.
Moreover, Laird’s products, which include essential nutrients such as calcium citrate and vitamin C, highlight the company’s commitment to health and wellness. As the demand for functional foods continues to rise, the integration of these beneficial ingredients could play a crucial role in Laird’s future strategies, especially as it navigates the competitive landscape. Ultimately, the presence of these nutrients in their offerings may provide a unique selling point that could attract more consumers, aiding in the company’s recovery and growth in a challenging market.