Some stories telegraph their direction long before the headline lands. TRUBAR Inc. (TSXV:TRBR) is one of them.

When the company, once known as Simply Better Brands, was chosen as a Top Pick at CEM’s 2025 AlphaNorth Capital Event last January, the restructuring underway had already shifted TRUBAR onto a more strategic footing.

Distribution was picking up speed, retail partners were widening their commitments, 14 of 17 divisions were closed or sold, costs were cut aggressively, and every remaining resource was pulled into one rising brand.

TRUBAR, the namesake plant-based protein bar driving most of the company’s early traction in the Better-For-You food space, became the centrepiece of a leaner, more focused organization, setting the stage for a strategic suitor to emerge.

J.R. Kingsley Ward, the company’s CEO, knew exactly what the transformation could unlock. “We believe that once TRUBAR scales to $100 million in revenue, we’ll get a knock on the door from a major player,” he told me during an interview after getting the Top Pick accolade.

That knock on the door resulted in TRUBAR announcing this past Monday that it had reached a definitive agreement to be acquired by ETİ Gıda, a privately held Turkish consumer-products giant with more than six decades of experience scaling global snack brands. 

ETİ is offering C$1.64 per share in cash, valuing the business at roughly C$201 million, delivering a clean, all-cash return at a substantial uplift for investors. The offer represents a 64% premium to TRUBAR’s last  close and a 102% premium to the 60-day volume-weighted average price (VWAP).

The deal, which is expected to be finalised early next year pending shareholder approval, was announced just hours after TRUBAR released its strongest quarter to date.

The company reported record net revenue of US$21.6 million for Q3, an 88% increase year over year, along with record Adjusted EBITDA of US$1.4 million and positive net income of US$192,000. 

During the quarter, TRUBAR also expanded into more than 500 additional U.S. grocery stores and launched its TRUBAR Kids line at Sprouts across 400 stores. At the same time, the company continued its march across Canada with new placements at Costco, Pattison Food Group and Healthy Planet, bringing its national footprint to more than 3,750 retail doors. 

Retail net revenue surged 206%, direct-to-consumer sales climbed 170%, and TRUBAR reaffirmed its US$65 to US$70 million revenue guidance for 2025.

“With a robust pipeline of innovation and upcoming retail launches, we remain confident in our ability to drive sustained growth and deliver long-term value for our shareholders,” said Ward.

TRUBAR didn’t need to hit the US$100 million revenue mark to attract a bid, as Ward had believed, earlier in the year.

It only needed to show that its momentum was real, its growth curve was holding, and its turnaround had created a clear runway for a strategic acquisition bid.

That trajectory was recognized early by capital-market participants at the Investor Breakout Exchange, which selected it as a Top Pick following the CEM AlphaNorth Capital Event last January.

1. As of market open on Wednesday November 26, 2025
2. As of market open on Monday January 20, 2025 after being selected as a Top Pick at the CEM AlphaNorth Capital Event

Here is our Spotlight feature that followed TRUBAR’s Top Pick accolade.

Editors note: The original Spotlight, published in January 2025, can be found below for further reading or follow the link below:

January 2025: Spotlight 🔍 Simply Better Brands (TRUBAR)

Disseminated on behalf of Simply Better Brands Corp.

Simply Better Brands turnaround is a delicious story for investors

• Simply Better Brands has executed a dramatic turnaround by shutting down 14 of 17 divisions and slashing costs to focus on TRUBAR—a rapidly growing plant-based protein bar brand that has gained significant traction in the healthy food snack market.
• This strategic pivot has fueled explosive growth, and with the new focus, TRUBAR’s revenue surged over 80% to an estimated US$45 million in 2024. Its retail footprint has also expanded from 1,500 to over 15,000 stores—with expectations to double its distribution in 2025.
• Recognized as a high-growth Consumer Packaged Goods (CPG) company, Simply Better Brands’ exit potential is estimated to be about US$400 million, with the company targeting TRUBAR revenues to exceed US$100 million.

“We believe that once TRUBAR scales to $100 million in revenue, we’ll get a knock on the door from a major player… The multiples in this space suggest we could be looking at a US$400 million exit.” — J.R. Kingsley Ward

Just over a year ago, Simply Better Brands Corp. (TSXV: SBBC | OTCQB: SBBCF) was teetering on the edge of collapse.

What was once a promising company in the healthy snacks and wellness space was drowning under reckless spending, mismanagement, and a bloated portfolio of underperforming brands.

“The company was literally being driven into bankruptcy by overspending on marketing… We tried to fix it, but a key management team member wouldn’t listen… We had no choice but to step in,” recalled SBBC Chairman and CEO J.R. Kingsley Ward.

And step in he did, with new banking partners and a working capital cash infusion of C$3 million.

With Ward’s direct intervention, the company took drastic measures, shutting down or divesting 14 out of 17 operating divisions, slashing operating costs, and refocusing all efforts on a single brand: TRUBAR—a plant-based protein bar brand that was already taking the ‘Better-For-You’ (BFY) food sector by storm.

Today, SBBC’s turnaround story has seen TRUBAR’s revenue skyrocket, with Amazon sales alone projected to hit $8 million in 2025.

The brand’s retail footprint has exploded—from just 2,500 stores at the beginning of 2024 to over 15,000 by year’s end. SBBC is confident that number will double to 30,000+ in 2025.

The huge increase in distribution points includes major retail listings in Whole Foods, CVS, Costco USA, GNC, Albertsons, and Walmart in the U.S. and Canada.

Last week, SBBC, which is rapidly growing as a brand accelerator in the global protein-based nutrition category, announced that TRUBAR will also be available in 124 stores across the GoMart network—a regional convenience store chain in the U.S.

Driven by a great product, operational improvements, and disciplined financial management, TRUBAR’s revenue in the first three quarters has grown 29% YoY, climbing from US$23.7 million to US$30.9 million in Q3 YTD 2024.

The strategic shift has also resulted in a 30% Q3 year-over-year increase in total revenue for SBBC, rising from US$25.1 million to US$32.6 million in the same period.

Perhaps most notably, adjusted EBITDA surged from just US$0.1 million to US$1.9 million.

At the heart of SBBC’s resurgence is Erica Groussman, the visionary behind TRUBAR.

Inspired by her mother’s passion for healthy eating, Groussman founded TRUBAR with the dream of continuing her mom’s mission—bringing clean, nutritious, and delicious snacks into the busy everyday lives of the people she loves.

“Erica is a dynamic entrepreneur... She started TRUBAR in her kitchen in 2020 because she couldn’t find clean, delicious protein bars for her family. Look what she’s built today,” said Ward

The momentum behind TRUBAR has not gone unnoticed in the global Better-For-You snack market, estimated at US$47 billion.

A capital market analyst recently reiterated SBBC’s near-term target price of C$1.75 per share.

According to the analyst’s report, SBBC is deemed a high-growth CPG company specializing in the North American protein and snack bar market.

This sector favors businesses that achieve scale, typically rewarding those with US$75 million+ in revenue with exit valuations of 3x or more, the report stated.

This aligns perfectly with SBBC’s strategy moving forward.

“We believe that once TRUBAR scales to $100 million in revenue, we’ll get a knock on the door from a major player… The multiples in this space suggest we could be looking at a US$400 million exit,” said Ward.

A Top Pick at the 2025 AlphaNorth Capital Event

January 2025 Stock Information TSXV: SBBC

1. As of market open on Thursday February 13, 2025
2. As of market open on Monday January 20, 2025 after being selected as a Top Pick at the CEM AlphaNorth Capital Event

After Simply Better Brands was recognized as a Top Pick, I caught up with Chairman and CEO J.R. Kingsley Ward for this Q & A on the company’s turnaround, strategic vision, and the future of TRUBAR’s expansion.

How has Simply Better Brands transformed its business strategy?

"We took on a company that was on a run to $100 million in revenue with a mix-match portfolio of brands, but the stock was really beat up. It was overspending on marketing and driving the company into bankruptcy. We had to step in and make drastic changes. We shut down 14 of 17 operating divisions.

Today, we have only two left. The focus is TRUBAR, and we’re building it into a dominant brand… it is our hero brand.

The market is responding extremely well. Our stock went from 20 cents when we were on the brink of bankruptcy to $1.20 in a year. And we think there’s still lots of room to grow.

Amazon has been a game-changer for us… This year alone, we’ll probably do $8 million in Amazon sales in the US and Canada

We’re in the right space… plant-based snacks are growing at 14% CAGR. We’ve got tremendous momentum, and we’re just getting started.

What differentiates TRUBAR from competitors?

“Unlike traditional protein bars, TRUBAR delivers a clean-label, plant-based snack that doesn’t compromise on taste, making it a standout in the $6 billion global snack bar market.

Consumer demand, especially from millennials, for healthy, transparent ingredients has driven its rapid adoption, and the brand routinely wins taste tests against major competitors. 

Our simple, plant-based ingredients allow us to dream up healthy dessert-inspired flavors that are dairy-free, soy-free, gluten-free, non-GMO, and free of sugar alcohols. 

Recently, TRUBAR has also been Seed Oil Free Certified. This certification by the Seed Oil Free Alliance, guarantees consumers that our healthy food is free from all seed oils and has undergone independent laboratory testing to ensure the purity of added oils and refined fat ingredients.

This brings another level of transparency and integrity offering consumers the highest standards in the plant-based protein bar category. We're here to prove that healthy can be delicious, and that you don't have to compromise on either quality or taste.

We also listen to the retailers and give them what they want—new flavors, new pack sizes, and better placement in stores – to make TRUBAR easily and conveniently available.

Ultimately the answer is simple…TRUBAR tastes as good as a donut, but it’s good for you. That’s the magic of the brand."

What’s next for Simply Better Brands? 

"We will continue executing our profitable growth strategy with no massive fundraising rounds and no unnecessary dilution. The business will run on an asset-light model, and our total team now is under 15 people. We plan to use the US$10 million secured credit facility with BMO to facilitate expansion and marketing in the U.S., Canada, and other international markets.

Our objective is to follow the BellRing Brands model. This is a $10 billion market cap company that built its business on protein shakes, powders, and bars. We aim to be a mini BellRing.”

Our View

• Remarkable Turnaround: Simply Better Brands Corp. has executed an impressive turnaround strategy, focusing on TRUBAR. By streamlining operations and divesting underperforming assets, the company has transformed from near-bankruptcy to a high-growth consumer packaged goods player in the competitive protein bar market.
• Strong Growth Trajectory: TRUBAR's revenue surge of 29% year-over-year to US$30.9 million, coupled with its expanding retail footprint from 1,500 to over 15,000 stores, demonstrates the brand's strong market acceptance and growth potential. The company's projection to double its retail presence to 30,000+ stores in 2025 signals continued momentum.
• Attractive Exit Potential: With plans to drive TRUBAR revenues to exceed US$100 million, Simply Better Brands is positioning itself as an attractive acquisition target. The company's estimated exit potential of about US$400 million, based on industry multiples, presents a compelling opportunity for investors as the brand continues to scale in the lucrative Better-For-You snack market.

Weekly Insight

Each week, CEM Partner and Portfolio Manager Ryan Iverson spotlights the ideas and companies sparking investor interest from emerging growth stories to the Top Picks featured across CEM’s Capital Events. This series brings real insights from the innovators shaping tomorrow’s markets and reveals where investors are finding the next breakout opportunities.

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Fabian Dawson