Flush with $17.5 mil in new financing, New Age Beverages is continuing aggressively with its rollup strategy, now notching acquisition of struggling CocoLibre coconut water brand, even as it took expected step of formalizing acquisition of Marley stable of brands, including Marley Mellow Mood relaxation line and Marley One Drop RTD coffee brand.
Denver-based co, whose other brands include XingTea, Aspen Pure water and Bucha Live Kombucha, acquired CocoLibre parent Maverick Brands LLC for unspecified combo of cash and stock, adding co that’s established itself as leading multiserve player but struggled to ignite innovative single-serve items that include protein and sparkling extensions. Much of co’s sales staff had recently migrated to energy marketer Hiball and rumor on Expo West show floor recently was that co was in urgent search for new investment. Maverick’s ceo of past 2 years, the Zico Coconut Water vet Candace Crawford, said in statement, “CocoLibre is now well positioned tobuild on its momentum through the New Age Beverages’ supply chain, manufacturing and national DSD network, and we believe CocoLibre will thrive in the New Age system.” Recall, New Age not only has well-developed network of outside distribution partners for its varied brands but also includes well-regarded DSD distributor by that name in Denver area, whose roster of 60 brands includes Sparkling Ice, AriZona, Jarritos and Essentia Water tho not yet, judging by website, CocoLibre.
New Age ceo Brent Willis, who’s orchestrated the rollup strategy initially from a small base at Bucha, credited Crawford and her team for having “led the category with innovation and built a truly differentiated brand in the space. Now with New Age's resources, infrastructure and capabilities, we expect to help CocoLibre grow to its full potential,” per statement this morning. (Brent’s voicemail said he’s traveling outside US today.) New Age claims to have IDed more than $5 mil in cost and revenue synergies to be harvested in coming year, including more than $3 mil in immediate savings.
As for Marley transaction, that had been anticipated once NBEV enhanced its share currency by completing uplisting to NASDAQ Capital Market Exchange, which occurred last month. Until now, Marley brands remained under ownership of Schifman family with sales and marketing duties assigned to NBEV.