MONTREAL & LOS ANGELES--(BUSINESS WIRE)--Caisse de dépôt et placement du Québec (CDPQ), a global institutional investor, announced today the closing of a USD 200-million minority investment in Zevia, LLC (Zevia), a U.S. beverage company offering a portfolio of zero calorie, naturally sweetened beverages in the United States and Canada.
CDPQ’s investment includes primary capital which will be used by Zevia, one of the leading and fastest growing beverage companies in North America, to pursue its global expansion strategy.
Led since 2010 by Paddy Spence, Zevia’s CEO, the brand has carved out a unique space in its industry. With a vision to create alternatives to conventional sugary and artificially sweetened beverages, Zevia has grown its market share over time to become the market leader in the zero calorie, naturally sweetened beverage segment, with national distribution in over 35,000 retail locations across the United States and Canada.
As part of the transaction, Zevia selected CDPQ to support its next development phase – citing CDPQ’s solid expertise in asset management, global reach and strong commitment to environmental, social and governance (ESG) values.
“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,” said Paddy Spence, CEO of Zevia. “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.”
“Zevia has enjoyed significant and consistent growth in recent years, firmly taking its place as an industry leader in North America,” said Martin Laguerre, recently appointed Executive Vice‑President and Head of Private Equity & Capital Solutions at CDPQ. “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.”
With its culture aimed towards inclusion and innovation, Zevia received nine Comparably Awards in 2020, including for Best Professional Development, Best Leadership Teams, as well as Best CEO for Women and Diversity and Best CEO.
Goldman Sachs & Co. LLC acted as financial advisor to CDPQ, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to CDPQ. BofA Securities, Inc. acted as exclusive placement agent, Wellvest Capital served as financial advisor, and Hogan Lovells acted as legal counsel to Zevia.
Zevia’s mission is to improve global public health by helping people reduce their sugar consumption. The company offers a broad portfolio of zero sugar, zero calorie, naturally sweetened “better for you” beverages that are refreshing and delicious, made with a handful of simple, plant-based ingredients. Zevia products include Sodas, Energy drinks, Organic Teas, Mixers, Sparkling Water, and the brand’s newest innovation, lightly fizzy Kidz drinks. All Zevia items are sweetened with the plant-based sweetener stevia, contain no artificial sweeteners or sugar, and are non-GMO Project Verified, gluten-free, kosher, vegan and free of color. Equally important to the company’s commitment to clean ingredients is its commitment to supporting communities and lifestyles dedicated to reducing sugar consumption. For more information about Zevia, visit www.Zevia.com or follow @Zevia on Instagram, Facebook and Twitter.
ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2020, it held CAD 333.0 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.