MOOMilk's $3.9M equity investor revealed
MOOMilk, which closed on a a $3.9 million equity investment deal last week, announced this week that the money came from Norman Cloutier, co-founder and former CEO of United Natural Foods Inc.
The Bangor Daily News reported the Providence-based company Cloutier co-founded claims to be the largest publicly traded wholesale distributor of natural and organic foods in the U.S. and Canada.
Cloutier, who will take a minority stake in MOOMilk, retired from his post at United in 1999 to found another organic food company based in Brockton, Mass., which he sold in 2007.
In a press release, Cloutier said he was impressed by the company's pursuit of sustainable agriculture and fair prices for farmers, which he said is "critical to maintaining viable family dairy farms in Maine and throughout the region."
The Morning Sentinel reported MOOMilk has raised nearly $6 million since forming in 2009. The company, incorporated as a low-profit L3C corporation that makes it eligible to receive grants and endowments as would a cooperative or nonprofit, has sales around $2 million and is not yet profitable, the Sentinel reported.
Along with his investment, Cloutier will join the company's board as an outside director.
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