SaaS ecommerce and marketing for grocery.
Rich Tarrant, CEO and co-founder, had been building MyWebGrocer in Vermont with his brothers for over a decade. They had created a strong, profitable business that had an exceptional market position as a leading e-commerce technology solution for the grocery industry, and were beginning to consider if taking on their first outside partner would help them accelerate. In 2009, he and his brothers felt they had reached a point where bringing an experienced partner to the table to work with them in their closely held company could be genuinely valuable. Dan Marriott and Ron Shah at Stripes quickly structured a transaction that recognized the value the Tarrant brothers had built over the prior decade. They were excited at the prospect of working with Rich and his excellent team, who they had built a relationship with over several years, and also at the unique market opportunity that was opening in front of the company – their platform could be used to allow some of the most recognized consumer packaged goods brands in the world to reach consumers where they were increasingly doing their grocery planning and shopping online.
Upon closing the investment in 2009, the Stripes team began actively working with MyWebGrocer to realize these opportunities. Stripes recruited valuable team members onto the MyWebGrocer team and worked closely with Rich and his management team to identify the most actionable opportunities for growth. The Company grew considerably larger and more profitable, and in 2012 moved into a beautiful new office space in a converted mill in Winooski, VT that can house hundreds of employees while becoming one of the most exciting, high growth technology companies to work for in Vermont. In 2013, Stripes Group realized their investment in MyWebGrocer through a recapitalization led by HGGC, a leading West Coast private equity firm, and the Tarrant brothers continued into the next phase of growth in the MyWebGrocer story with their new partners.