The investment will support the brand as it expands its distribution network, sales force, brand activation and supply capability to compete in the mainstream marketplace.
Essentia Water is the top-selling bottled water brand in the natural channel. In addition to funding, Troy Stanfield, a partner at Castanea Partners, joins Essentia’s newly formed board of directors.
In the $2.5bn premium hydration category, Essentia Water is driving incremental growth. Thus far in 2014, the brand is checking in with a 66% sales increase across conventional grocery, specialty and natural channels.
Essentia is the No 1 selling brand in the fast-growing alkaline water segment with roughly 40% market share. At the close of 2013, Essentia marked 10 consecutive years of growth with eight of those being in double digits, and is on track to add 2014 to the list.
“We were looking for more than just funding,” said Ken Uptain, Essentia’s founder and CEO. “We wanted a value-added partnership that would take us through an accelerated growth phase without losing the authenticity that our brand has created since its initial launch in 1998. With this deal, now that’s exactly what we have.”
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