Two Sigma Impact, the impact strategy of investment manager Two Sigma Investments, is backing Wholesale Supplies Plus, an e-commerce provider of ingredients and materials to commercial artisans.
Two Sigma Impact is investing alongside Avance Investment Management, a new private equity firm that focuses on lower midmarket companies in the services and consumer sectors.
Independence, Ohio-based Wholesale Supplies provides raw materials and packaging for artisanal makers of soap, skin-care products and candles through its e-commerce platform. Organic revenue grew more than 30% annually in 2020, according to a person familiar with the company.
Incline Equity Partners first invested in the business in 2019 and is exiting its stake through this deal, according to Sam Solomon, the chief executive of Wholesale Supplies, who joined the business in January 2020.
Incline aided the company’s transition from a founder-run to a professionally managed business, Mr. Solomon said. Incline also helped the company complete five acquisitions and strengthened its footprint in the market for fragrance oils while expanding its role as a candle-making materials supplier.
Source: Wall Street Journal
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