Celsius Holdings, the US-based maker of Celsius fitness drink, has signed agreements with two investors that will provide a total investment of $22m.

The agreements were signed with an Asian private equity firm and a global institutional investor.

Celsius Holdings president and CEO John Fieldly said: “This is an important milestone to reinforce the momentum in our business as we continue to capitalise on the global health and wellness trends and disrupt the energy beverage category.

“The injection of funds will allow us to eliminate our outstanding bonds incurred in connection with our October 2019 acquisition of Func Food Group Oyj, which bonds are due in October 2020 and provide working capital enabling Celsius to maximise the significant growth opportunities in both domestic and global markets.”

Names of the investing firms were not disclosed. The deal is expected to close on or around 25 August.

The company also stated that in the placement transaction, it will divest a stake and various affiliates will do the same.

According to Celsius Holdings, the affiliate sales will ‘represent a minority divestiture’ from its long-term strategic partners to facilitate this investment.

The fitness drink maker also stated that the investment transaction will be “effected pursuant to an exemption from registration afforded by Regulation S under the Securities Act of 1933.”

Additionally, Celsius Holdings has announced the expansion of its product footprint into Speedway, a chain of company-owned and operated gasoline and convenience stores in the US.

Celsius Holdings co-chairman and Horizons Ventures official Tony Lau said: “Horizon Ventures and affiliated partners seek to invest in companies with exceptional management teams which are positioned to disrupt categories and Celsius has already established the Company as a leader in the rapidly emerging functional energy beverage category.

“Consumers are striving for healthier drink options which is a common trend on a global scale, and we are confident that Celsius is well-positioned as an energy drink that not only tastes good but is a true differentiator in the category, a unique and attractive offering which any consumer around the world can relate and benefit from. Stay energised and stay healthy.”