Background
Little Moons is a leading mochi ice cream brand, famous for its “ice cream from another world”. Established in the UK in 2010, the brand is founder-run by brother and sister duo Vivien and Howard Wong and produces artisanal gelato ice cream treats which are currently widely distributed in the UK, France and Germany. The brand also continues to grow across other international markets, leveraging its innovative and distinctive product creations.
Founded in 1989, L Catterton is a leading provider of financial investment services intended to support leading consumer brands across all segments of the consumer industry. L Catterton specialises in building and investing in consumer businesses that are rooted in emotional connectivity and thereby in sticky relationships that can be scaled. The business also offers investment and portfolio management services to growing middle-market companies and emerging high-growth enterprises.
The Process
DRAX was introduced to Little Moons by L Catterton and later introduced the business to Mike Hedges, who had recently exited Proper Corn for Piper and was ready to take on another exciting challenge within private equity.
Mike joined L Catterton in the deal team as an advisor, and while the deal progressed through the various rounds, he built a strong relationship with the founders of Little Moons; Vivian and Howard Wong. L Catterton was successful in acquiring a joint controlling stake in the business and Mike was asked to join the Little Moons team as the Chief Executive Officer (“CEO”) to work alongside the founders.
Post-acquisition, L Catterton decided to bring a Chief Financial Officer (“CFO”) onboard, with deep FMCG food manufacturing experience, and professionalization and operational change management experience within the food industry. DRAX successfully placed Diarmuid Conifrey, ex-Finance Director of Frank Roberts & Sons Bakery and Adelie Foods. Dermot joined Little Moons towards the end of Summer 2022.
Subsequently, the existing Chair decided to step down from the Chair role and remain as NED, DRAX then supported L Catterton and Little Moons by presenting ideas for potential Chair candidates. The requirements for the Chair candidate were nascent experience operating in the food and beverages space, with oversight of everything from supply chain manufacturing to marketing, brand awareness and retail relationships. DRAX successfully placed Flor Healy as Chair, who, at the time, was exiting Samworth Brothers as CEO and starting his non-executive career.
The successful placement of the CEO, CFO and Chair by DRAX has helped to set Little Moons up with a strong management team as they embark on their growth journey and international expansion
Ready to transform your business? Contact Kate Trowbridge at KT@draxexecutive.com now to discuss how our solutions can drive success for your organisation.
