NorthEdge takes a sip of soft drinks company
Private equity fund NorthEdge has poured investment into soft drinks company Clearly Drinks Group.
NorthEdge is backing the management team at the Sunderland-based business, led by Finn O’Driscoll and Martin Thornton, who aim to invest in its plant, sales resource and new products.
Clearly Drinks specialises in sugar-free products, with brands including Perfectly Clear, 1870 Mixers, and Northumbria Spring, all of which are sourced from the firm’s on-site spring.
The company has a skilled workforce of over 70 people and is set to report turnover of £13.5m in the year to December 2016.
NorthEdge’s investment continues a period of strong activity for the firm in the North East region, following the recent AIM listing of Ramsdens Financial and the exchange of the sale of Fine Industries to Lianhetech.
The deal was led by NorthEdge partner John Rastrick (pictured right), investment director Tom Rowley, and investment manager Nicola McQuaid.
Rastrick and McQuaid will join the Clearly Drink’s Board as non-executive directors and Peter Cheung will join as chairman.
It is the fourth investment from the £315m NorthEdge Capital Fund II.
John Rastrick, partner at NorthEdge, said: “We are delighted to support Finn, Martin and the team as they lead Perfectly Clear into new market opportunities. As more and more health-conscious shoppers look for alternatives to calorie-packed beverages following the pending introduction of the sugar tax, the demand for sugar-free, naturally flavoured products will continue to grow. Clearly Drinks is well placed to be at the forefront of that movement, and we are looking forward to working with the firm’s experienced management team to convert the pipeline of exciting new product development opportunities in this evolving market.”
Finn O’Driscoll, CEO at Clearly Drinks, said: “NorthEdge is an experienced investor, with a strong track record of delivering strategic and operational success across regional economies. We are excited about what we can achieve together, and with a buoyant market and strong team in place, this company is poised to go from strength to strength.”
Simon Pilling, James Cook and Catherine Willis from Bond Dickinson supported NorthEdge with this investment.
