First Bev has acquired a controlling stake in kombucha brand Health-Ade for an undisclosed sum.
According to Health-Ade, First Bev is a ‘longstanding partner’ and the deal is backed by investors including Manna Tree.
Founded in 2012, California-based Health-Ade has grown to generate more than $200 million in retail sales annually. Health-Ade’s products can be found across the US and include kombucha, prebiotic sodas and cocktail mixers.
Under the brand’s new ownership, co-founder Daina Trout will serve in the new role of chief mission officer, while First Bev managing partner Jack Belsito will assume the position of CEO.
Early investor in Health-Ade, Cavu Venture Partners, will be selling shares as part of the transaction.
“I couldn’t be more excited for Health-Ade to have someone with Jack’s experience and credentials step into the CEO role and to be able to continue to focus my passion and energy in a new way on the opportunities that lie ahead for Health-Ade,” said Trout.
“First Bev has been an amazing partner since the beginning, providing not just capital, but expertise and resources through every crucial growth phase of the company.
“We have the highest of expectations for what we can accomplish together as we enter into this transformative phase of growth for Health-Ade.”
Belsito, who has also served as CEO of Voss Water and of Snapple, said: “Our vision is for Health-Ade to become the global leader in kombucha and digestive health beverages, one gut at a time”.
Manna Tree co-founder and CIO, Ross Iverson, added: “Manna Tree will tap into our international distribution relationships and other resources as we work alongside management and First Bev to help to elevate Health-Ade to the next level of growth”.
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