Stride buys majority stake in Clio, the $100M Greek yogurt bar maker
What's the deal? Stride Consumer PartnersDealroom has a profile for this one. Try Dealroom → has acquired a majority stake in Clio, the Piscataway, New Jersey–based maker of dark chocolate–covered refrigerated Greek yogurt bars. Terms were not disclosed. Some early investors, including founder Sergey Konchakovskiy, will retain partial ownership.
The numbers: Clio is approaching $100 million in annual revenue and employs about 170 people. Its Piscataway facility, which also houses corporate headquarters, has grown to 86,000 square feet.
The backstory: Clio was born from a kitchen accident. Konchakovskiy left a strained package of Greek yogurt in the refrigerator overnight and found it had taken on a cheesecake-like texture, reminding him of sirki, a chocolate-covered soft cheese bar popular in Ukraine, where he grew up.
The former controller at the Wonderful CompanyDealroom has a profile for this one. Try Dealroom → set up his own facility in Roselle, New Jersey, using refurbished Soviet-era equipment rather than a contract manufacturer. He began selling bars to Manhattan grocery stores in 2015. His landlord stopped by for a sample, became Clio's first investor, and still sits on the board.
“We started Clio ten years ago with a simple idea: to make a snack people would fall in love with,” Konchakovskiy says. “Building that dream has been a tough and emotional journey.”
What's the endgame? A 2018 purchase order from Walmart pushed Clio to move production to Piscataway. In October 2021, Konchakovskiy handed the chief executive officer role to John McGuckin, who scaled hummus brand SabraDealroom has a profile for this one. Try Dealroom → from about $10 million to $500 million in annual revenue over roughly nine years. McGuckin believes Clio can also become a half-billion-dollar company.
Why Stride? Boston-based Stride's other active investments include haircare line Crown Affair, food company Serenity Kids, and meat stick brand Chomps. It also backed frozen Greek yogurt bar maker Yasso, which Unilever acquired in 2023 — giving the firm a track record in the category.
The signal: Deep-pocketed consumer investors are consolidating fast-growing, better-for-you snack brands, betting that specialist operators plus capital can turn niche hits into category leaders. Stride's bet on Clio follows the same playbook that carried Yasso to a strategic exit.
Read more: inc.com
Image credit: bochalla
