Rowdy Mermaid, a US functional beverage company, has been acquired by a group of investors including Next in Natural.
New York-based Next in Natural, which invests in emerging and better-for-you focused companies, was joined by “strategic investors” KarpReilly and Sapient Stews founder Luke Comer.
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The deal, struck for an undisclosed sum, aims to position Boulder, Colorado-based Rowdy Mermaid “for its next phase of growth” and enhance its capabilities, “from production to marketing”, according to a statement.
Jamba Dunn and Erin Donnelly, the founders of Rowdy Mermaid, will retain their respective positions of CEO and customer growth and marketing director.
The company owns the Good Mood Soda brand fortified with ashwagandha and its own line of organic kombucha drinks.
Rowdy Mermaid said it is “committed” to creating beverages with functional plant medicine and “sustainably sourced” ingredients.
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By GlobalDataDonnelly said: “With Next in Natural’s cross-functional team, network and expertise, Rowdy Mermaid is set to better serve our customers and expand our community.”
Jeff Lichtenstein, CEO of Next in Natural, has been appointed chairman of the board, bringing his experience in scaling brands such as Chobani and La Colombe to the table.
“Rowdy Mermaid epitomises what’s next – delicious, organic and functional ingredients with passionate mission-driven leadership and fun marketing; these align with our values and what consumers want more of,” Lichtenstein said.
Kristine Laurel, COO of Next in Natural, highlighted that the investment firm’s shared services platform will help Rowdy Mermaid “thrive with comprehensive support that will strengthen their supply chain and support future innovation.”
KarpReilly, meanwhile, is a private-equity firm in Connecticut focused on the consumer goods space. As the name suggests, Sapient Stews, set up by Comer in Denver, is a maker of healthy stews.
The investment by Next in Natural follows its acquisition of a majority stake in Aura Bora, a sparkling water manufacturer from San Francisco, in February.
Aura Bora makes canned sparkling waters from herb, fruit and flower flavours and extracts, using “cold-force carbonation” and “reverse-osmosis filtration”, resulting in beverages that it claims are “free of PFAS and citric acid”.
