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Revolution Foods up for sale

Illustration of forks, knives, plates, money and abstract shapes.

Illustration: Shoshana Gordon/Axios

Revolution Foods, a provider of meals to California and Nevada school students, is working with Kroll Investment Bank on a sale process, sources familiar with the companies say.

Why it matters: The auction occurs as California plows billions of state and federal funds into providing school kids with free, nutritious meals.

By the numbers: Revolution Foods is EBITDA positive and generated around $150 million in revenue in 2019, but sales took a hit when the pandemic shuttered schools.

  • As of 2022, the company hadn't returned to 2019 revenue levels but was on track to grow by about 20%, CEO Dominic Engels said at that time.
  • It was serving some 35 million meals a year to K-12 students as of last year.
  • In 2021 the company served more than 48 million meals to food-insecure communities.

Catch up quick: Revolution Foods raised a $60 million round in 2021 led by L2 Point and investment funds managed by Morgan Stanley Private Credit.

Flashback: Revolution Foods had a CPG business, but discontinued it in 2018.

Revolution Foods did not respond to a request for comment, while Kroll declined to comment.

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