Beverage maker Zevia secures $200m investment from CDPQ

US-based beverage producer Zevia has secured an investment of $200m from institutional investor Caisse de dépôt et placement du Québec (CDPQ).

Based in Los Angeles, Zevia is engaged in the production of zero-calorie, naturally sweetened beverages in the US as well as in Canada.

Zevia product portfolio includes sodas, energy drinks, organic teas, mixers, and sparkling water, which are claimed to be sweetened with the plant-based sweetener stevia, containing no artificial sweeteners or sugar.

The drinks are said to be non-GMO Project Verified, gluten-free, kosher, vegan and free of colour.

Zevia CEO Paddy Spence said: “Zevia’s line of zero sugar, naturally sweetened beverages has resonated with shoppers across the US and Canada, and we’re excited to partner with CDPQ to accelerate our growth.

“Zevia is focused on making the world a better place through sustainable, affordable products that taste great and feature simple, plant-based ingredients – and we look forward to partnering with CDPQ, an investor which sees ESG matters as an opportunity to generate sustainable growth that benefits everyone.”

The investment will be used by the beverage producer to pursue its global expansion strategy.

Currently, Zevia beverages are available at more than 35,000 retail outlets located across the US and Canada.

Considering CDPQ’s expertise in asset management and global reach, Zevia has also selected CDPQ to support its next development phase.

CDPQ executive vice-president and Private Equity & Capital Solutions head Martin Laguerre said: “Zevia has enjoyed significant and consistent growth in recent years, firmly taking its place as an industry leader in North America.

“The company has an accomplished management team, which has fostered a culture of innovation and developed a loyal client base. Going forward, Zevia will be able to benefit from CDPQ’s ability to create value with our established network to maintain its impressive momentum.”