Wholesome & Hearty Foods, Inc.
(NASD: GBUR)
Producer and marketer of frozen meatless burgers, called Garden Burger, sold at restaurants, fast food chains, cafeterias, hospitals, super markets and specialty food stores. The Company's products are sold through food brokers and distributors worldwide. The Company is considered the first nationally recognized brand of meatless substitute for the hamburger.
In December 1989, a Principal led a group of investors along with management in completing a 100% management buyout of the Company from Louisiana Pacific Corporation (NASD: LPX).
From the time of purchase to IPO, revenue grew from $750,000 to $3.2 million. During this period of significant growth the Company consistently maintained profitability increasing EBIT from $200,000 in 1989 to $653,000 in 1991. The Company's prospects and operations were regarded as superior within the industry segment and as such went public in 1992. The entire investment was sold over the course of the following 24 months in which time period two stock splits occurred.