Good Culture sealed a $500m deal with private equity firm L Catterton to embark on its next growth phase.
The US dairy brand has steadily grown its revenue, reaching $100m in 2023 then almost doubling that in 2024. In 2025, the company was set to hit $250m as demand for the protein-packed white curd continued to gain pace in the US.
But supply bottlenecks have threatened to hamper this momentum, making it crucial for the brand to expand its production and distribution network going forward.
The deal with L Catterton secures investment while allowing the Good Culture team to build on the company’s nature-forward branding and clean-label positioning.
“Good Culture was built on the belief that cottage cheese could go from a forgotten food to something people genuinely craved,” Good Culture CEO Jesse Merrill said. “This investment means we can make even more impact – in our product and mission to change the food system, with the people who love us, and the people who don’t even know about us yet.
“We are just getting started.”
Who is L Catterton?
L Catterton is global consumer-focused investment firm which has invested in the likes of frozen treats firm Little Moons Kettle Foods, bubble tea brand HeyTea, and casual dining chain Goiko.
The firm most recently bought a majority stake in Good Culture, a US cottage cheese brand in a deal valued at more than $500m according to The Wall Street Journal.
What will be L Catterton’s role in Good Culture?
In the future, L Catterton is set to work alongside the food company’s leadership team.
This way, L Catterton will support scale-up efforts through investment and leveraging its industry clout, but brand direction and product innovation will be led by the Good Culture team.
According to Andrew Taub, a managing partner at L Catterton, Good Culture’s authenticity, product quality, and strong consumer resonance is what has made the investment compelling.
The investment firm’s MD Michael Hutchings echoed this sentiment. “We see significant runway ahead for Good Culture and are excited to support the team as they expand the brand’s reach,” he explained.
What happens to existing investors?
Manna Tree, another private equity firm which invested in Good Culture, will remain onboard alongside the new majority shareholder. (Semcap Food & Nutrition and Anders Eisner also remain shareholders.)
Gabrielle Rubenstein, co-founder and managing partner at Manna Tree, highlighted the cultured dairy brand’s strength and compelling market conditions as key reasons not to exit.
“As the health and wellness sector continues to grow with heightened interest in protein and clean-label products, Good Culture has emerged as a clear leader in the consumer movement towards better-for-you brands,” said Rubenstein.
“We’re excited to see what Good Culture and L Catterton will achieve together to unlock further growth and bring Good Culture products to more consumers.”
Is the $500m valuation fair?
Since its founding in 2014, Good Culture has become one of US dairy’s biggest category disruptors.
The company has majored on clean-label, pasture-raised and high-protein claims while appealing through flavor innovation, including seasonal flavors such as Pumpkin Spice, all of which has helped reinvigorate the cottage cheese category.
The company offers a diverse range of cottage cheese – beyond the traditional low-fat and full-fat options, there are lactose-free and organic variants.
Consumer appetite for the protein-rich white curd has made Good Culture a challenger to established brands such as Daisy’s.
But supply constraints have meant investment into production and distribution has become crucial for Good Culture to enter its next growth phase.
With L Catterton’s backing, the cottage cheese brand is poised to make these vital upgrades in the supply and distribution department – and unlock further revenue headroom.
Good Culture hit $100m in revenue in 2023, which it nearly doubled a year later. In 2025, it was forecast to hit at least $250m in sales, according to industry insiders.
And it’s not just cottage cheese that Good Culture produces: the company also offers sour cream and cream cheese.
In the future, there could be scope for entry into adjacent categories such as beverage – Good Culture previously launched probiotic smoothies and kefirs, which it no longer offers – as demand for on-the-go functional drinks remains resilient and growing.
With demand for protein-rich foods set to increase in the coming years supported by trends such as weight management and healthy eating, L Catterton’s investment is shaping up to be a sound one.
For Good Culture, the deal would allow fresh investment to flow into the b, alleviating supply bottlenecks and unlocking new growth opportunities.
