- Warren Buffett’s protégé recently left Berkshire Hathaway to build her own conglomerate.
- Tracy Britt Cool’s Kanbrick investment firm struck its first deal this week, taking a stake in Thirty-One Gifts, Bloomberg reported.
- The former Pampered Chef CEO is sticking to what she knows by investing in another company that provides products to independent sellers who throw parties to sell them.
- “We created Kanbrick to provide business owners and founders a long-term home for their businesses,” Britt Cool said in a statement emailed to Bloomberg.
Warren Buffett’s former lieutenant left Berkshire Hathaway to build her own conglomerate earlier this year. She just closed her first deal.
Tracy Britt Cool joined the famed investor’s company in 2009 as his financial assistant, and went on to become chairman of several Berkshire subsidiaries and CEO of another one, Pampered Chef.
Kanbrick, the investment firm she now leads with cofounder and ex-Pampered Chef CFO Brian Humphrey, has taken a stake in Thirty-One Gifts, according to Bloomberg.
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Kanbrick and Thirty-One Gifts didn’t immediately respond to a request for comment from Business Insider.
Britt Cool appears to be emulating Buffett by staying within her “circle of competence” – both Pampered Chef and Thirty-One Gifts provide products to independent sellers who throw parties where they sell them.
Pampered Chef specializes in kitchen tools and appliances, while Thirty-One Gifts sells bags, accessories, and personalized gifts.
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“We created Kanbrick to provide business owners and founders a long-term home for their businesses,” Britt Cool said in a statement emailed to Bloomberg.
Her team plans to help Thirty-One Gifts’ sellers to grow their businesses and harness technology to reach their customers, she said.
Thirty-One Gifts has about 1,000 full-time employees, boasts a nationwide network of 70,000 independent sales consultants, and generates roughly $400 million in annual sales, according to a profile of cofounder and CEO Cindy Monroe in the Chattanooga Times Free Press last year.