L Catterton to scale Good Culture with majority investment boost.

L Catterton has agreed to acquire a controlling stake in Austin‑based cultured dairy maker Good Culture, a move that positions the brand to scale production and broaden retail reach across the United States. The deal, announced today, follows a period of rapid top‑line expansion for the company and signals growing private equity appetite for better‑for‑you food brands.

Founded by Jesse Merrill and Anders Eisner, Good Culture has reimagined cottage cheese with a clean‑label playbook and products that appeal to protein‑seeking consumers. The company reports that sales have climbed nearly four times over the last three years, while the broader cottage‑cheese category grew by almost 60% in the same period — evidence of sustained consumer demand for high‑protein, minimally processed dairy.

The transaction brings long‑time backer Manna Tree back as a reinvesting partner alongside L Catterton. Other investors named in the round include SEMCAP and individual investor Anders Eisner. Financial advisors and legal counsel were disclosed: Houlihan Lokey advised Good Culture while Citi advised L Catterton; law firms cited include Winston & Strawn LLP, Kirkland & Ellis LLP, and Cooley LLP.

L Catterton will leverage its consumer operating playbook — the firm manages roughly $39 billion of equity, has completed more than 300 investments and deploys a network of about 200 investment and operating professionals across 18 offices — to help expand capacity, accelerate innovation and increase shelf presence for the brand. Management says proceeds will be used to expand manufacturing, deepen distribution and support new product development while maintaining the company’s B‑Corp commitments.

Sector context matters: demand for clean‑label protein is outpacing many legacy categories. Retail buyers are prioritising differentiated products with high repeat purchase rates, and private capital has been active in the segment — from early growth rounds to buyouts targeting scale. Good Culture’s metrics — rapid revenue growth and strong category momentum — make it an attractive platform in that wave.

Leadership framed the deal as both a capital and capability partnership. Jesse Merrill said the engagement with L Catterton will allow Good Culture to keep its ingredient standards while reaching more consumers. Andrew Taub and Michael Hutchings from L Catterton highlighted conviction in the category’s structural tailwinds and the brand’s cultural resonance with health‑forward shoppers.

The investment remains subject to customary approvals, with a closing expected in the first quarter of 2026. For Good Culture, the transaction marks a transition from rapid indie growth to a scaled consumer platform backed by a large specialist investor; for the sector it underlines continued investor interest in prototypical better‑for‑you food companies with clear product and distribution leverage.