Private equity firm Stripes Group invests $50m in Califia Farms

14-Sep-2015 - Last updated on 15-Sep-2015 at 21:40 GMT

Plant-based beverage firm Califia Farms has secured a $50m investment from New York-based private equity firm Stripes Group, capital it says will be used for “deepening production and distribution capabilities, R&D, new hires, and sales and marketing”.

Co-founded in 2010 by fruit grower Sun Pacific and Odwalla founder Greg Steltenpohl, California-based Califia Farms claims to be one of the fastest growing natural beverage companies in the US, with a rapidly expanding portfolio spanning everything from cold brew coffee and Agua Frescas to almond milk coffee creamers and horchata.

Stripes Group has invested into the newly-established Califia Farms LLC, which while independent, remains majority owned by Sun Pacific, said Steltenpohl. “We love Stripes Group’s excellent track-record of supporting entrepreneurs in their efforts to build unique brands [other food investments include Blue Apron and GrubHub].”

Dan Marriott, managing partner at Stripes Group, added: “We spent a long time getting to know Greg, and saw his product development expertise play out with each of Califia Farms’ exceptional new product introductions. A true product visionary, Greg is assembling an amazing team and has cultivated a culture of rapid innovation focused on delivering premium, healthful products.”

As part of the investment, Marriott and Stripes Group partner Karen Kenworthy will join Califia Farms' board of directors.

Watch Califia Farms CEO Greg Steltenpohl talk to FoodNavigator-USA's Liz Crawford on camera at the IFT show HERE.