Steaz is “the fastest growing RTD iced tea in the natural and organic category,” according to a press release issued by venture capital fund Inventages Wealth Management, which took a majority stake in Steaz in 2008.
According to First Beverage Group, whose investment banking arm acted as the exclusive financial advisor to Steaz, the brand “will continue to operate independently out if its Doylestown, PA headquarters,” while the deal had “provided the former shareholders with liquidity and brought the company a new, value-added strategic partner.”
Co-founder Eric Schnell told FoodNavigator-USA: “I’m very proud that the vision I originally created in 2002 for a triple bottom line, ethically sourced soft drinks brand – one that could show Big Soda a better way – has grown over the years into a leading organic and fair trade beverage brand that now stands at the doorway to take that dream internationally through a strategic acquisition process.
“But as Steaz has been on a strong growth curve recently, I do believe that it’s disappointing timing for many of our early shareholders whom had hoped the company would achieve its next milestone before an outright acquisition.”