WEBVTT - Women Take Lead in Wellness Investing

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Messer and

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<v Speaker 1>Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Bloomberg and

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<v Speaker 1>Business Week often highlight the global wellness market. Our Pursuit's

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<v Speaker 1>team covering it regularly, whether it's products, services, treatments, places

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<v Speaker 1>to go, it is a massive market. Some have pegged

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<v Speaker 1>it at about one and a half trillion dollars and

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<v Speaker 1>investors are definitely noticing. And that includes our next guest.

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<v Speaker 1>It's great to have on with us, Ellie Rubinstein. She

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<v Speaker 1>is co founder and CEO of Mandatari Manatory. Excuse me,

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<v Speaker 1>it's a private equity firm. It invests in the wellness area.

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<v Speaker 1>Her name, if it sounds familiar, it should. Her dad

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<v Speaker 1>well known in the financial space, and he is a

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<v Speaker 1>Bloomberg contributor on radio and TV, David Rubinstein. He's also

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<v Speaker 1>been a guest on our broadcast. And Ellie joins us

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<v Speaker 1>via zoom from San Antonio, Texas. Ellie is so good

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<v Speaker 1>to have you here with Tim and myself. How are you?

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<v Speaker 1>Thank you so much for having me. I'm doing wonderful.

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<v Speaker 1>I appreciate you having me on. Well, it's great to

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<v Speaker 1>have you on This is definitely a space that we

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<v Speaker 1>spend an awful lot of time, certainly at Business Week

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<v Speaker 1>talking a lot about because there's a lot of money

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<v Speaker 1>going into it. Tell us about your background. You grew

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<v Speaker 1>up in Alaska, you spent a lot of time, it

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<v Speaker 1>sounds like in the great outdoors. How did that shape

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<v Speaker 1>you in thinking about where you wanted to focus kind

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<v Speaker 1>of your investing time on. But for sure, so I

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<v Speaker 1>think one of the things I always tell people is

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<v Speaker 1>you learn more from your failures, or you learn more

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<v Speaker 1>from what your passions are. And so I spent the

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<v Speaker 1>last ten years starting my career actually focus within the

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<v Speaker 1>seafood markets or um within water. And we kind of

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<v Speaker 1>have a running joke in my family and my father

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<v Speaker 1>eventually said, do you have to source all your own food?

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<v Speaker 1>Was huntered as German? He said, can't you go buy

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<v Speaker 1>a seafood or a beef companies? Dad, It's not that simple.

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<v Speaker 1>But you know, in our family, usually when someone says

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<v Speaker 1>what you can't do, that motivates me. So that was

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<v Speaker 1>the emphasis for it, married with a very strong emphasis

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<v Speaker 1>on culture of where I wanted to live, how I

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<v Speaker 1>wanted to live, and really the people that surrounded myselfs

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<v Speaker 1>with So that was why I just decided to go

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<v Speaker 1>and start my own firm. I would say that, um,

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<v Speaker 1>I did step out of my family, and that I

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<v Speaker 1>did move to bail at a young age and be

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<v Speaker 1>a professional ski racer. And you know, while I might

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<v Speaker 1>have gone east for college at Harvard, I put my

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<v Speaker 1>foot down again and said, you know, Dad, I love you,

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<v Speaker 1>I appreciate the support and the advice, but I'm not

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<v Speaker 1>going to go back to Harvard for grad school. And

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<v Speaker 1>and so I feel like I started to become my

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<v Speaker 1>own person when I took charge of my life. And

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<v Speaker 1>for me, that meant the decision of going to Purdue

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<v Speaker 1>and receiving my double masters, my master's and AGCON and

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<v Speaker 1>my MBA and food and aggrobusiness. And why that matters

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<v Speaker 1>was I wrote my essay on my passion for sourcing food,

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<v Speaker 1>smoking my own food and really taking charge of the

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<v Speaker 1>health aspect when you control your own supply chain. I

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<v Speaker 1>did not anticipate Mandatory would become as big as it did,

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<v Speaker 1>but that was really where it came from, was what

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<v Speaker 1>I didn't enjoy doing. We got to ask you for

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<v Speaker 1>our folks here obviously in Bloomberg Radio, but you're also

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<v Speaker 1>on YouTube right now, where are you? Because it looks

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<v Speaker 1>like you're in a lodge. You're skeys are behind you.

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<v Speaker 1>We can see. This is the magic of zoom, Carol.

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<v Speaker 1>Where have you been called out on it? So I

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<v Speaker 1>am for my job on the road a lot. So

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<v Speaker 1>I am today in Texas, where I've been spending the

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<v Speaker 1>winner for work. So that is the background of my

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<v Speaker 1>office in bil Um. But today, being Women's Day, I've

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<v Speaker 1>got a special women's dinner with some of our women

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<v Speaker 1>investors in Texas, so we put that background up. I

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<v Speaker 1>think it's a little too sunny in Texas. The natural

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<v Speaker 1>lighting I don't think would work on this. So as

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<v Speaker 1>if I'm in veil and still around snow, there's my background,

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<v Speaker 1>well said, I love it. Hey, um, elliot, I want

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<v Speaker 1>to I'll talk a little bit about where you're putting

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<v Speaker 1>your money right now. I mean, there's probably not a

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<v Speaker 1>better time to talk about it, because we're talking so

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<v Speaker 1>much about rising commodity costs, rising food costs around the world. Uh,

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<v Speaker 1>much of the world being cut off because of Russia's

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<v Speaker 1>invasion of Ukraine from so much grain. So we talk

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<v Speaker 1>a lot about commodity prices and I'm wondering how we

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<v Speaker 1>should be thinking about diversifying when it comes to where

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<v Speaker 1>we're getting our food, how we can be sustainable when

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<v Speaker 1>it comes to food supply because there are are there

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<v Speaker 1>is so much out there that can disrupt it. Yeah,

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<v Speaker 1>you know, this is one of the reasons why I

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<v Speaker 1>think that degree from Purdue a agcon is one of

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<v Speaker 1>the best degrees because it's really a macro economic of

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<v Speaker 1>the global food supply chain. So when we started Mandatory,

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<v Speaker 1>it was an anomaly at the time to say we

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<v Speaker 1>are a firm focus on the global food supply chain.

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<v Speaker 1>And what that means is it allows you to manage

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<v Speaker 1>to risk number one the supply chain and number two

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<v Speaker 1>the geopolitical risk. So we think a couple of areas

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<v Speaker 1>that we tend to focus on would be number one

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<v Speaker 1>globalization to localization, uh number two companies disrupting the supply

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<v Speaker 1>chain logistics, and then number three clean protein and and

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<v Speaker 1>how that can be a hedge against some commodities. So

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<v Speaker 1>a couple of examples of that globalization and localization. Gotham

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<v Speaker 1>Green's is an indoor ad company. It is the leader

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<v Speaker 1>in the space. We've had in New York City. We

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<v Speaker 1>have had we've actually had We've actually had the founder

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<v Speaker 1>on garage. Yeah, go with it. Ye talk about a

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<v Speaker 1>dynamic CEO. So you know, this is an area that

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<v Speaker 1>I'm not sure we would have ever invested in. But

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<v Speaker 1>what they have is an impressive model that cuts that

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<v Speaker 1>supply chain down in half. And usually Leafy Green takes

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<v Speaker 1>about a week to reach the grocery store, right, but

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<v Speaker 1>instead they cut that in half, which allows it to

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<v Speaker 1>stay on the shelf in the grocery board two times

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<v Speaker 1>as much. It's also focused on in areas so Walton,

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<v Speaker 1>New York. Let's be clear, t in Brooklyn, they tend

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<v Speaker 1>to locate in uh food deserts, right, And so they

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<v Speaker 1>have a very unique algorithm. Instead of looking at population,

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<v Speaker 1>it's looking at where can they help get people leafy green.

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<v Speaker 1>I'm a huge fan of this and and of course

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<v Speaker 1>it's great for the environment. You know, it cuts down

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<v Speaker 1>and it's a very big proponent of e SG. But

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<v Speaker 1>I think that they're really changing the game in terms

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<v Speaker 1>of farming, and so that would be one area. Um,

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<v Speaker 1>hang on for a second because we're gonna have to

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<v Speaker 1>do a little bit of news. We'll take a break

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<v Speaker 1>and come back and and talk some more because we

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<v Speaker 1>want to hear where else you are investing in It

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<v Speaker 1>sounds like to you would want to listen to or

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<v Speaker 1>check out a company called app Harvest. It's somebody we

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<v Speaker 1>have had on who is very much involved in this

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<v Speaker 1>space in terms of local food production and figure out

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<v Speaker 1>how to reduce the impact on the climate as well

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<v Speaker 1>as doing it cleaner. Uh. Ellie, We're gonna come back

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<v Speaker 1>to Ellie Rubinstein, she's co founder, chief executive officer of

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<v Speaker 1>Manda Tree via Zoom from San Antonio. Will continue with

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<v Speaker 1>her big history and veil too. We never crossed past

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<v Speaker 1>them even though I lived there right after college for years.

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<v Speaker 1>We'll talked about that too. This is Bloomberg Radio. I

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<v Speaker 1>want to get right back to our guests that we've

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<v Speaker 1>been speaking to. Ellie Rubinstein, the co founder and CEO

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<v Speaker 1>of Anna Tree. She joins us to be a Zoom

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<v Speaker 1>from San Antonio, Texas. We should note that Ellie is

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<v Speaker 1>the daughter of our colleague here at Bloomberg, David Rubinstein

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<v Speaker 1>is a Bloomberg contributor. Uh and uh MANA Tree is

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<v Speaker 1>a private equity firm and investment companies that improve human

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<v Speaker 1>health through nutrition. That's what we were talking about before

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<v Speaker 1>the break, Ellie, UM, I want to talk more about

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<v Speaker 1>that and get an understanding of how you find the

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<v Speaker 1>next company to invest in, what's your due diligence process,

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<v Speaker 1>how do companies get on your radar, and how do

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<v Speaker 1>you decide to say yes to a company? Sure, I

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<v Speaker 1>want to first point out I think one of our

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<v Speaker 1>advantages has actually been our diverse leadership. UM. So if

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<v Speaker 1>you look at only of women PE managers, it manager,

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<v Speaker 1>seventy of us are diverse leadership. And why that matters

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<v Speaker 1>is that in our portfolio companies there are forty percent

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<v Speaker 1>that's either CEOs are co founders UM that are that

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<v Speaker 1>are women. And so when we're trying to attract companies

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<v Speaker 1>that either need female perspective on their boards or female founder,

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<v Speaker 1>that really matters. So a couple of themes that we've

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<v Speaker 1>looked at. We've talked about supply chain. There's one called

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<v Speaker 1>Cheeta Logistics, which is a female founded CEO, and so

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<v Speaker 1>that is an Amazon like uh supply chain distruction company

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<v Speaker 1>that assists restaurants with kind of on the go UM

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<v Speaker 1>and healthier options for restaurants. Another one that I would

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<v Speaker 1>love to emphasize is Evolved UM. It's in the gut

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<v Speaker 1>infant gut pro bi audux space. And so our managing

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<v Speaker 1>director is actually the only women on the board. So

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<v Speaker 1>I think what we've always tried to look for is

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<v Speaker 1>for things you know, um, I would say, where can

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<v Speaker 1>we add creativity, Where can we lead with conviction? Where

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<v Speaker 1>can we provide confidence? And also our culture. If you

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<v Speaker 1>visit us in Bail, Colorado, at our office, we have

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<v Speaker 1>team workouts, we have a kitchen. You'll see us eating together,

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<v Speaker 1>and so usually we actually try to influence potential founders

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<v Speaker 1>by bringing them to Bail and make sure that they

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<v Speaker 1>can fit into that mandatory family and culture. You know,

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<v Speaker 1>we really live out our our investment thesis of improving

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<v Speaker 1>human health through nutrition and so making sure that that

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<v Speaker 1>alignment is there is a big part of who we are.

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<v Speaker 1>You know, there's so much going on in this space,

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<v Speaker 1>and I can only imagine the people who are knocking

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<v Speaker 1>Elie on your door. And you talk about some of

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<v Speaker 1>the criteria in terms of picking um in a world

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<v Speaker 1>where we're thinking about impact on climate, when we're thinking

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<v Speaker 1>about innovation disruption, you know, how do you though usually

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<v Speaker 1>kind of weed through everything that comes through your door. So,

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<v Speaker 1>first of all, we are growth equity, and so that'll

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<v Speaker 1>weed out some of it in and of itself. We

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<v Speaker 1>try to be the second largest check in behind the founder.

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<v Speaker 1>We we obviously our hands on UM and we're really

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<v Speaker 1>kind of that last stage in. But I will say

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<v Speaker 1>that there's there's themes that we stick to, and so

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<v Speaker 1>those would be clean protein, precision nutrition, supply chain disruption,

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<v Speaker 1>UM and usually they have to get through our lit

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<v Speaker 1>mistress of are they actually improving human health? And so

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<v Speaker 1>we call ourselves an calary conversion business. That's a big

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<v Speaker 1>thing for it. We've seen plenty of companies that might

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<v Speaker 1>not be healthy, so we go after much larger kind

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<v Speaker 1>of the themes that we've seen, such as functional beverages,

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<v Speaker 1>were decline in soda sales. It's got to be a

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<v Speaker 1>category leader with a very large addressable market. So we're

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<v Speaker 1>not in just kind of these niche sweet spots. One

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<v Speaker 1>last thing I'd say is we almost go in unsexy gregories.

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<v Speaker 1>Another company we just close called Good Culture, and they're

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<v Speaker 1>the market leader in disrupting sour cream and cottage cheese.

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<v Speaker 1>It's a great example of both E S. G um

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<v Speaker 1>in the regenerative agriculture, which it appears that if you know,

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<v Speaker 1>the animals are treated better and the land is treated

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<v Speaker 1>better than that in product, and the consumer is also healthier.

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<v Speaker 1>So that's usually the way that we think about it.

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<v Speaker 1>All right, just got about a minute left, hair, I

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<v Speaker 1>wish we had more. You have to come back and

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<v Speaker 1>talk about as these uh investments continue. Um, but just

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<v Speaker 1>about seconds. Your dad, how does he inspire you in

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<v Speaker 1>all of this or or do you pick his brain

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<v Speaker 1>or do you say, hey, dad, you might want to

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<v Speaker 1>think it. Take a look at this. My father is

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<v Speaker 1>the greatest supporter of women I admire. He's relentless, he's humble,

0:10:43.840 --> 0:10:47.360
<v Speaker 1>he's focused. He emphasized partnership to me, and he always

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<v Speaker 1>emphasized say thank you, prioritize your LPs, prioritized most importantly

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<v Speaker 1>your team. And so he's a guy who famously went

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<v Speaker 1>broad and built Carlisle and now we're helping us go

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<v Speaker 1>deep and focusing on improving human health. So I look

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<v Speaker 1>up to him. Um, you know, he's really been my

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<v Speaker 1>key support and cheerleader. And that is why mana tree

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<v Speaker 1>is how it is. I will give him credit. He

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<v Speaker 1>came up with the name mandatree. It means food from heaven,

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<v Speaker 1>just like he believes private equity is the greatest calling

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<v Speaker 1>of mankind. So we're doubling ensure that with being in

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<v Speaker 1>private equity as well as food. Ellie, before we let

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<v Speaker 1>you go, you are based in Vail, Colorado. Your favorite

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<v Speaker 1>ski run on Vail Mountain or do you prefer to

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<v Speaker 1>Beaver Creek. I'm Beaver Creek girl, guys male athlete, and

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<v Speaker 1>the World Cup. So anything on the World Cup hill

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<v Speaker 1>in downhill. Alright, Birds of prey, that's what you're looking at.

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<v Speaker 1>Birds of prey, of course. All right. Ellie Rubinstein, co

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<v Speaker 1>founder and CEO of Mandatree, joining us not from Veil

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<v Speaker 1>today via zoom from San Antonio, Texas,