Formulife has secured an investment from Texas-based investment firm Satori Capital.
Formulife will use a portion of Satori’s investment to complete a major expansion of its production facility before the end of 2021. The company expects the expansion to more than double the size of its facility to more than 90,000 square feet and to significantly reduce lead times for customers.
Formulife’s CEO, Scott Fuhrman, joined the company soon after its founding in 2009 and has been instrumental in leading its growth during the last 12 years. He has played a key role in developing its flavoring capability, directing its acquisition of quality certifications and building long-term relationships with customers.
Brandon Smith, Formulife’s founder, and Chuck Letchman, an industry veteran, will continue to have active roles.
“We were only interested in partnering with an investor who would embrace our values, help us intelligently expand our production capacity and share our commitment to quality and service, and we are thrilled to have found that partner in Satori Capital,” said Fuhrman.
Deloitte Corporate Finance LLC acted as financial advisor to Formulife, and Locke Lord and McDermott Will & Emery served as legal advisors to Formulife and Satori, respectively.
