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Let’s TalkBeliv Acquires High Brew Coffee in Texas
Beliv, a soft drinks, water, and juices producer based in Miami, Florida acquired High Brew Coffee, a coffee drinks producer based in Texas, on July 25, 2023. Beliv made the acquisition to expand its growing brand portfolio.
Transaction Summary
The Facts of the Acquisition
- Target: High Brew Coffee is a producer of ready-to-drink cold brew coffee. Founded in 2013, it has raised USD $41.4 million in venture capital funding.
- Acquirer: Beliv offers a diverse range of beverages, including natural energy beverages, water, juices, and nectar. Its main markets are in Latin America, and it has a presence in the United States, Spain, and China. Beliv has acquired a 78% controlling stake in High Brew Coffee. High Brew’s founder, David Smith, and the current investors hold the remaining shares.
Our Take on the Acquisition
The global, ready-to-drink coffee market was valued at USD $26.3 billion in 2022, according to Contrive Datum Insights, a consulting and market intelligence firm. By 2023 the value is expected to reach USD $42.36 billion, a compound annual growth rate of 8.3%. High Brew Coffee (target) is strongly positioned in the segment, which has grown partly due to the COVID-19 pandemic reducing the number of coffee drinkers going to cafés. The acquisition will allow Beliv to expand High Brew’s reach internationally and use its distribution to market Beliv’s own products in the United States.
The Transaction
| Date: | July 25, 2023 |
| Price: | Undisclosed |
| Purpose: | To expand into the ready-to-drink coffee segment and geographically in the United States |
| Acquirer’s Statement: | Carlos Sluman, founder, and CEO of Beliv – “The entrepreneurial spirit is our point of connection, and we have a strong desire to build together our growth in the United States, which is one of the strategic markets for the expansion of Beliv’s business. This acquisition is essential to continue developing a well-positioned and solid portfolio, backed by a consumer-centric vision. With High Brew we are adding a disruptive product in a booming category, through its distribution to 15,000 sale points in the US and the collaboration with 54 strategic partners.” |
Target/Seller: High Brew Coffee
Company Information
| Target: | High Brew Coffee |
| Website: | highbrewcoffee.com |
| Founded: | 2013 |
| Industry: | Beverage Manufacturing |
| Type: | Private with three rounds of venture capital funding |
| Total Funding: | USD $41.4 million |
| Employees: | 34 (Self-published on LinkedIn) |
| Locations: | Head Office: 2810 S 1st St, Austin, Texas, United States |
| Investors: | Alumni Ventures: A provider of diversified venture portfolios to individual investors Bigr Ventures: A growth equity fund providing value-added, strategic partnership and capital to promising, early stage products. The firm is based in Colorado Blueberry Ventures: A venture capital firm that invests in brands and business models across the food and beverage industry Blue Ivy Ventures: A community of Yale alumni investors and entrepreneurs that invests in companies with a Yale connection CAVU Consumer Partners: A specialist, consumer-focused firm investing in the better-for-you branded consumer sector. The firm is based in New York Charles Street Investment Partners: A boutique real estate development and investment firm based in Colorado Halsey: An American singer and songwriter and a fan and consumer of the product Tim Love: Angel investor and owner of Love Style Shakira Mebarak: Colombian singer and songwriter Shakira invested in High Brew Coffee because of its taste and high-quality ingredients |
Product Information
| Products: | Black & Bold – Cold brew black coffee Black Triple Shot – Cold brew black coffee with three times the caffeine Creamy Cappuccino – Cold brew coffee with added protein and a smooth, creamy texture Dark Chocolate Mocha – Cold brew coffee infused with dark chocolate Double Espresso – Cold brew coffee with milk and sugar Espresso Triple Shot – Cold brew coffee with milk, sugar, and three times the caffeine Mexican Vanilla – Cold brew coffee with vanilla and cinnamon Nitro Caramel Cold Brew – Cold brew coffee with caramel syrup Nitro Cold Brew – Sugar-free, cold brew, black coffee infused with nitrogen gas Nitro Sweet Cream Cold Brew – Cold brew creamy and frothy latte Peppermint Mocha – Cold brew mocha with peppermint flavor Toasted Coconut Latte – Strong cold brew coffee with a creamy blend of coconut and cashew milk Vanilla Bean Triple Shot – Cold brew coffee with milk, sugar, vanilla beans, and three times the caffeine |
| Market Reach: | United States |
Financial Information
| Revenue: | USD $15.2 million (Unconfirmed Source: ZoomInfo) |
| Revenue per Employee: | USD $447,059 (i.e., USD $15.2 million / 34 employees = USD $447,059 – estimated based on the self-published number of employees and the revenue from ZoomInfo) |
Did You Know?
There are several ways to make a cold brew. One method, using a cafetiere, is as simple as steeping coarsely ground coffee in cold water. Double the normal amount of coffee, stir, then leave in the fridge for up to 24 hours. The low temperature is what makes the taste of cold brew differ from hot brewing the same type of beans.
Target/Seller Overview: High Brew Coffee
High Brew Coffee was founded in 2013 by David Smith, an entrepreneur who also created Sweet Leaf Tea (acquired by Nestlé in 2011), Live Kombucha Soda, and Rhythm Superfoods. High Brew is brewed from 100% Arabica premium coffee beans, which are roasted and processed in the United States. It is a pioneer brand in the ready-to-drink, cold brew coffee niche and has raised more than USD $40 million in venture capital funding.
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Explore Your Options NowBuyer/Acquirer: Beliv
Company Information
| Buyer: | Beliv |
| Website: | belivcompany.com |
| Founded: | 2009 |
| Industry: | Beverage Manufacturing |
| Type: | Private |
| Employees: | 129 (Self-published on LinkedIn) |
| Locations: | Head Office: Miami, Florida, United States |
Product Information
| Products: | Functional Beverages – Energy drinks with plant-based ingredients Juices and Nectar – A variety of fruit juices Water – Mineral and spring water Carbonated Beverages – Apple-, ginger-, grape-, lime-, and orange-flavored beverages |
| Market Reach: | 30 countries, including Argentina Chile China Costa Rica Dominican Republic Ecuador El Salvador Guatemala Honduras Jamaica Mexico Peru Puerto Rico Spain United Kingdom United States Uruguay |
Financial Information
| Revenue: | USD $36.2 million (Unconfirmed Source: GrowJo, a database of the fastest growing companies) |
| Revenue per Employee: | USD $280,620 (i.e., USD $36.2 million / 129 employees = USD $280,620 – estimated based on the self-published number of employees and revenue from GrowJo) |
Buyer/Acquirer Overview: Beliv
Beliv was founded in 2009 by Argentine entrepreneur Carlos Sluman. Its vision is to lead the growth of better-for-you beverages, and its mission is to transform the way people quench their thirst, driven by wellness and inspired by nature. Beliv manages 40 brands in 30 countries, with a multi-category vision focused on developing better-for-you beverages. Brands available in the United States include OCA, Güitig, Petit, and Big Easy.
It is a Grupo Mariposa company, a beverages multinational with a 138-year track record. It operates in the United States, Canada, Central America, the Caribbean, and South America; it has the largest product portfolio in this region and distributes in more than two million points of sale.
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Sources
- Company Profile
- Other Sources
- Unconfirmed Sources