POOLHOUSE buys Masi Masa in founder-liquidity deal

POOLHOUSE Special Situations Fund I has acquired Masi Masa, a premium spice and seasoning brand, in a deal that gives founders Cindy and Eric Frigard cash now while keeping them exposed to future upside. The firm says it plans to expand the brand with more than 10 new products in the next 12 months and use the acquisition as part of a broader founder-friendly buyout strategy.

Why it matters: - The deal gives Masi Masa founders immediate liquidity without a full exit from future growth. - POOLHOUSE is using a structure that mixes cash, seller financing and equity participation, a model aimed at founders who want succession options without giving up all upside. - The acquisition adds a fast-growing consumer brand to POOLHOUSE Special Situations Fund I and supports the fund’s push into founder-led businesses.

What happened: - POOLHOUSE announced the acquisition of Masi Masa on June 10, 2026. - Masi Masa is a specialty spice and seasoning company known for products including Japanese Gold Curry and Tikka Masala. - The transaction was completed with cash consideration, seller financing and performance equity. - Cindy and Eric Frigard, the company’s founders, received liquidity in the deal and retained participation in future performance. - Masi Masa will become part of POOLHOUSE Special Situations Fund I, which targets founder-led businesses with strong brands and room for operational improvement.

The details: - Masi Masa was founded to make globally inspired flavors more accessible. - The brand has built a loyal base among home cooks and food enthusiasts. - Japanese Gold Curry has become a leading product in its category. - Tikka Masala continues to see strong consumer demand. - POOLHOUSE expects to launch more than 10 new products under the Masi Masa brand over the next 12 months. - The first planned collaboration product is an Espresso-Based Steak Rub created with specialty coffee producers. - POOLHOUSE says it wants to consolidate supplier relationships, keep production in the U.S., bring some supply chain functions in-house, improve manufacturing economics through vertical integration and expand distribution globally. - POOLHOUSE is also looking to add new products and enter new channels. - POOLHOUSE is seeking more acquisitions in consumer products, e-commerce, software, specialty manufacturing, business services and founder-led lower middle market companies across North America and Europe.

Between the lines: - The acquisition reflects a broader bet that operators can create more durable value than traditional deal structures centered on leverage and financial engineering. - The seller-financing and retained-equity structure is designed to keep founders aligned with new ownership after the sale. - POOLHOUSE is positioning itself as a buyer for owners who want partial liquidity, succession planning or growth capital without a hard break from the business. - POOLHOUSE also pointed to portfolio progress at Love Is Art, including the elimination of legacy debt, revenue growth of about 49%, higher profitability and a bigger global fulfillment network. - Internal management estimates put the aggregate unrealized multiple on invested capital for POOLHOUSE managed investments at about 8.3x to date, but those estimates have not been independently audited. - Love Is Art is evaluating strategic alternatives, including growth capital, recapitalization, merger or sale.

What's next: - POOLHOUSE plans to expand Masi Masa’s product line over the next year and push the brand into more markets and channels. - The firm says it will keep pursuing acquisitions that fit its founder-partner model. - Any strategic transaction involving Love Is Art remains uncertain. - Forward-looking statements in the announcement carry risk, and actual results may differ materially.

The bottom line: - POOLHOUSE is betting that flexible deal structures and operational improvements can unlock growth while giving founders a way to stay in the game.