US beverage group XStream Beverage has completed a private placement of US$2.16m with institutional investors.

The proceeds from this transaction will be used to finance the development of the Yohimbe, Maui Juice and Squeeze brands, as well as enhance the company's capabilities for future brand and distributor acquisitions.

H.C. Wainwright & Co, Inc. acted as the exclusive placement agent for the transaction.

"We're delighted that in less than 90 days we've been able to raise over US$5m in institutional financing," said XStream Beverage Group CEO Jerry Pearring. "This gives us the financial stability to continue executing our growth plan through brand development and distributor acquisitions."

XStream recently acquired Maryland-based Atlantic Beverage Company and Ayer Beverage in Massachusetts.