Richardson family business exits plant-based drinks business as Britvic swoops

A pioneering plant-based drinks company, which counted the Richardson family business as one of its investors, has been bought by Britvic.

Plenish was founded by Kara Rosen from her kitchen in 2012, making cold-pressed juice and selling direct to consumers. The brand has since expanded into plant-based milks, “plant-powered” juice drinks and functional shots. The products are carried by major national grocery retailers, including M&S Food and Waitrose.

Richardson, the real estate and private equity business headquartered in the West Midlands, invested in Plenish in 2017. In recent years it has become one of the fastest growing plant-based milk brands in the UK, while its juice-led direct to consumer business continues to grow at over 100% a year.

Join Paul Faulkner, chief of staff at the Richardson family business at Invest Midlands on 26 May. Book your tickets here.

Carl Richardson, one of three brothers who leads the Richardson business, said: “Our team were early to recognised the growth potential at Plenish, and we’ve been pleased to be invested in the business for the past 4 years, most recently alongside Pembroke VCT.

“We agree with Britvic’s description of the business as ‘one of the most exciting brands in its category’ and while we have been delighted to have worked with, and supported, Kara since the early days of the business, we now wish her and her team every success as they enter new ownership.

“As our private equity portfolio evolves, we are continually looking for new opportunities to invest in successful and established businesses. We recently launched the £100 million Richardson Enterprise Fund in the West Midlands to do exactly that, demonstrating our intent to invest in businesses who are seeking funds in order to take their growth to a new level, much as Plenish has done so successfully.”

New Yorker Kara Rosen said: “I started Plenish nine years ago in my kitchen to help make it easy and delicious for people to improve their health and make a positive impact for the planet.

“Our plant-based drinks are still made like I originally made them at home – with best-in-class ingredients sourced from sustainable, organic farms and no additives. I’m so excited for Plenish to join forces with Britvic, who I’ve long admired as a brilliant builder of brands and shares similar values, particularly around healthier people and planet.”

 

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