A consortium led by Flexis Capital has acquired US-based Waterloo Sparkling Water (Waterloo) for an undisclosed amount.

The consortium included Eurazeo Brands, Moore Strategic Ventures and JW Levin Management Partners.

Established in 2017, sparkling water brand Waterloo is currently available in more than 13,000 retail stores across the US, including Whole Foods Market, Costco, Target, Kroger, Walmart, Publix and others.

Waterloo CEO Jason Shiver said: “Choosing the best partners for Waterloo was critical to continuing our momentum and we’re confident that Flexis Capital, Eurazeo and JW Levin will provide deep brand-building experience and industry relationships that will be key to accelerating our growth, while Moore Strategic Ventures’ financial acumen will add firepower to our capabilities.”

The investment will be used by the sparkling water brand to add new operational resources, as well as grow its business by fast-tracking product and marketing innovation capabilities.

Under the deal, Jason Shiver will continue to lead the company and will be supported by Jeff Arnold as COO of the company.

JW Levin Management Partners founding partner Stephen Sadove will join Waterloo’s board as non-executive chairman and Jerry Levin will join as a director.

Sadove said: “We’re extremely impressed with the brand that Jason and his team have built in less than three years.

“They are a sophisticated, experienced management team and have quickly established Waterloo as a best-in-category flavoured sparkling water and a key beneficiary of consumers’ increasing demand for healthier alternatives to traditional soft drinks.

“We’re excited to work with this team to continue to strengthen the Waterloo brand and broaden its distribution.”

The investor group also announced that it will be supporting the company in its next phase of growth.