Kim Kardashian's private equity firm just sealed its first deal, to buy 'the Dom Perignon of hot sauce'
Skky Partners LP, the investment firm led by Kim Kardashian and Jay Sammons, has gotten a taste of the private equity world now with its first acquisition in Truff, the maker of luxury condiments infused with the culinary delicacy truffle.
The consumer-focused firm has acquired a significant minority stake in the company, according to a statement reviewed by Bloomberg News. Financial details of the purchase, which is set to close in the first quarter, weren’t disclosed.
Doing business under the Truff moniker, Sauce Ventures LLC manufactures a wide array of premium condiments with truffle at their core. Its products include mayonnaise, oil, salt, hot sauce and pasta sauce, as well as merchandise such as hoodies and spatulas.
“We know amazing consumer brands when we see them, and I love that Truff is our first investment,” Kardashian, Skky’s co-founder, said in a statement to Bloomberg. “Together, we will take Truff to the next level.”
The company was founded in 2017 by Nick Ajluni and Nick Guillen with a direct-to-consumer focus. The business has since expanded to include major retailers such as Whole Foods and Target. The brand boasts more than 230,000 followers on Instagram under the @sauce handle.
“Sometimes we say we’re the Dom Perignon of hot sauce,” Guillen joked in an interview. “For us, it was about how could we actually create a product with true integrity that does incorporate a high-end type of ingredient. We looked at saffron, caviar and truffle.”
The founders ultimately landed on truffle, in part because it hadn’t been done before, they said. Having grown to popularity through big social moments on platforms like Instagram and TikTok, Truff’s consumer-forward character falls in line with the thesis of Skky and shares a key ingredient with Kardashian: viral marketing.
“Nick and Nick have built an incredible brand that quite literally had the magic sauce we’ve been looking for,” Kardashian said. “We are confident we can help them grow their community and get their products into the hands of many more consumers.”
Skky Managing Director David Brisske, who was hired last year, will join Truff’s board of directors alongside Mark Ramadan, co-founder and former chief executive officer of condiment maker Sir Kensington’s.
