Medici Brands, the parent company behind David protein bars and low-calorie, low-sugar candy brand HallPass, raised $250 million at a $2.25 billion valuation in early September. It was the biggest food industry deal so far this year. The transaction catapults its founder and CEO Peter Rahal, 40, who invested $20 million in the round (representing 8% of the fundraise), into the billionaire ranks. Medici’s biggest individual investor, with an estimated 70%, Rahal is now worth an estimated $1.9 billion.

Rahal, who sold his first company RxBar to Kellogg for $600 million in 2017, declined to comment other than to joke that he was broke. But he has said in the past that he’s invested at least $50 million in about 100 different businesses, including ready-to-eat oats brand Mush and Olipop, which is now valued at $2 billion. He previously had a stake in the better-for-you popcorn company LesserEvil, which was acquired by The Hershey Company for $750 million last year.

“He doesn’t have to go out for capital,” says one investor who didn’t want to be identified talking about Rahal. “It comes to him.”

Medici recently announced that it’s on........

© Forbes