Market Overview

Van Leeuwen Ice Cream Closes Minority Investment Led by Strand Equity

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Consumer Growth Equity Firm Partners with Beloved Brooklyn-Based,
Artisanal Ice Cream Brand to Propel Growth

Strand
Equity
, a leading growth equity firm investing in
the next generation of iconic consumer brands, is joining forces with
Van Leeuwen Ice Cream ("Van Leeuwen" or the "Company"), purveyors of
made-from-scratch ice cream and vegan ice cream. Van Leeuwen produces
its own dairy-based and vegan ice cream products in its Greenpoint,
Brooklyn facility and currently operates 13 scoop shops and 6 trucks in
New York and Los Angeles. The Company also sells its dairy and vegan ice
cream pints in over 700 retailers nationwide, including Whole Foods
Market, Fairway Market and Erewhon. This announcement marks Van
Leeuwen's first equity investment and positions the Company for
continued growth. Blue Scorpion previously led a convertible note
investment in Van Leeuwen.

Strand Equity partners with emerging brands to scale their businesses
through its marketing and operational expertise, as well as its
extensive network of industry relationships. Current and realized
investments include Bai Brands, Hippeas, Hum Nutrition, Vita Coco, Dos
Toros, Chopt, Youth To The People and Wander Beauty, among others.

"Van Leeuwen is an iconic Brooklyn brand with a cult-like following of
loyal consumers who enjoy its innovative-yet-accessible ice
cream," said Strand Equity Co-Founder and Managing Partner, Seth
Rodsky. "We are thrilled to partner with Van Leeuwen and are excited to
help the Company execute on its mission of serving the highest-quality
ice cream to customers everywhere."

Founded by Ben Van Leeuwen, Laura O'Neill and Pete Van Leeuwen in
Greenpoint, Brooklyn, Van Leeuwen launched in 2008 with a single yellow
ice cream truck. Inspired by Ben and Pete's experience growing up
driving Good Humor® trucks as a summertime job, the co-founders set out
to revamp the quintessential American ice cream truck by using only the
highest-quality and natural ingredients in its handcrafted ice cream. In
2010, Van Leeuwen opened its first scoop shop in Greenpoint and in 2014,
the Company launched its innovative vegan product line to critical
acclaim. In the coming weeks, Van Leeuwen will also open scoop shop
locations in Soho, Prospect Park and Silver Lake, bringing its total
scoop shop footprint to 16 stores.

"We created Van Leeuwen because people deserve to eat ice cream made
with extraordinary ingredients and no unnecessary ones," said Ben Van
Leeuwen, Co-Founder and Co-CEO of Van Leeuwen Ice Cream. "Every Piedmont
hazelnut we caramelize, every Askinosie chocolate chip we mix in, every
raw cashew we soak and blend into milk, is done to achieve that pivotal
moment of serving our customer and witnessing the pure happiness that an
extraordinary food experience provides. This partnership with our
community is why we do what we do."

"We are immensely proud and fiercely protective of the business we have
built," said Laura O'Neill, Co-Founder and Co-CEO of Van Leeuwen Ice
Cream. "We have grown Van Leeuwen by being scrappy, lean and always in
pursuit of perfection, never compromising the integrity of our products
or brand DNA. Until now, we have done so without outside funding and
took our time to find a partnership that felt just right. We found that
in the team at Strand Equity, as their values and approach to supporting
founders deeply resonate with our own."

"After a decade building our brand, obsessing over our product and
holding true to our vision, it is equal parts amazing and encouraging
to know that our hard work is appreciated by our wonderful new partners
at Strand Equity," said Pete Van Leeuwen, Co-Founder and Co-CEO of Van
Leeuwen Ice Cream. "We are excited for them to join our team and look
forward to sharing the common culture and Van Leeuwen spirit that we
have cultivated over the years."

For more information on Van Leeuwen Ice Cream, please visit www.vanleeuwenicecream.com.
For more information on Strand Equity, please visit www.strandequity.com.

ABOUT STRAND EQUITY: Strand Equity is a Los Angeles-based
growth equity firm investing in the next generation of iconic consumer
brands. Strand Equity is led by a team of experienced and successful
investors and entrepreneurs. With a permanent capital base, Strand
Equity maintains a flexible approach to structure and partnership,
enabling dynamic entrepreneurs and management teams to accelerate growth
and build durable businesses. For more information on Strand Equity,
please visit www.strandequity.com.

ABOUT VAN LEEUWEN ICE CREAM: Van Leeuwen Ice Cream was
launched out of a buttery yellow ice cream truck in 2008 by Laura
O'Neill and brothers Ben and Pete Van Leeuwen. The trio set out to
revive the classic American ice cream truck, using exceptional
ingredients and techniques. In just a decade, the beloved Brooklyn-based
company has grown to include scoop shops and trucks across NYC and LA
and sells pints in over 700 stores across 25 states. Van Leeuwen
makes ice cream from scratch using fresh milk and cream, lots of organic
eggs yolks and pure cane sugar. Their unwavering dedication to quality
extends to every ingredient for each flavor; add-ins are made in-house,
and fruits, nuts and chocolates are carefully sourced from purveyors
like Michel Cluizel Chocolate, Askinosie Chocolate, Kettl Matcha, and
others whose standard for exceptional quality meets their own. In
addition to classic ice cream, Van Leeuwen makes an acclaimed vegan ice
cream using a proprietary blend of cashews, coconuts and cocoa butter,
which is every bit as delicious as their classic ice cream. Favorites in
their lineup include Vegan Choc Chip Cookie Dough, made with
a touch of Tahitian vanilla, a pinch of sea salt, chunks of cookie dough
made from locally milled flour and generous amounts of single origin
chocolate chips, and Honeycomb, with a crispy, chewy
house-made candy folded into a sweet cream base with ribbons of caramel.

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