Colorado-based Boulder Brands, Inc. has acquired 100% of the equity interests of Phil’s Fresh Foods, LLC, owner of EVOL Foods. The company was purchased for $48 million, before future tax benefits. Boulder Brands is buying EVOL from founder Phil Anson and a group of investors, including Alliance Consumer Growth and an investment vehicle created by Revelry Brands and Spier Capital Management.  

Based in Boulder, CO, EVOL manufactures and markets premium-frozen convenience foods, such as burritos, quesadillas, entrees, bowls and skillet meals. EVOL offers foods made with pure and simple ingredients, including those that are antibiotic- and hormone-free, and are free of artificial preservatives or flavors and made with organic ingredients. In the 12-month period ending Dec. 31, 2013, EVOL net sales are estimated to grow 70% to $17 million.  

For 2014, Boulder Brands expects EVOL to contribute approximately $25 million in net sales and, given EVOL is in its early stages of growth, EVOL is expected to generate $1.5 million in estimated EBITDA.