NEW YORK -- Private-equity firm Steel Pier Capital Advisors LLC has announced the successful closing of the Series A equity investment into Pro Balance Inc., a Tampa Bay, Fla.-based designer and platform of convenient protein shots for an on-the-go healthy lifestyle.
"We are thrilled to be part of the Pro Balance team and growth plan. Tom Carlin and Bob Kral have assembled a truly dynamic and knowledgeable team to accelerate the brand worldwide. They have clearly leveraged their experience and knowledge of the global beverage and neutriceutical marketplace to position the platform of products for mainstream success," said Samuel Bachman, managing director of Steel Pier Capital.
The investor base includes NBA Hall of Famer and TV personality Charles Barkley, who is coming off of a successful wellness program and promotes nutrition with active fitness.
Pro Balance, a brand development company with product rights and ownership of Protein To Go, was established in March 2011. The company is currently a leading protein shot in North America and recognized as a convenient, bio-available protein source without unwanted calories. Its products are lactose, fat and gluten free and contain no artificial sweeteners or colors.
The company developed the platform of protein shots for consumers looking to meet their protein needs and curb hunger and snacking. The shots provide up to 28 grams of hydrolyzed protein with optimal taste and superior ingredients; they deliver the natural ingredients in a convenient 2.5-to-3.0-ounce bottle.
Flavor profiles include Strawberry Banana, Mango, Berry Frost, Wild Berry, and soon to be introduced to the family of products, Vanilla and Chocolate.
The company has a mainstream distribution channels with more than 50,000 North American stores, it said, and the brand resonates with multiple demographics based on the "natural" and "lite" choice of protein alternatives.
Melrose Park, Ill.-based Convenience Valet, a leader in trial and travel-size consumer products, is the distributor of Protein To Go to the convenience channel.
Steel Pier Capital is a privately held, operationally driven private-equity firm that partners with management teams to make noncontrol equity investments. Since its inception, Steel Pier Capital has made multiple investments in both private and public companies across various industry verticals. It is dedicated to supporting these companies as their partners in development by not only leveraging capital, but also by using the firm's expertise and exclusive network of strategic and operating executives.
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