The entity behind flavoured coconut water brand Coco Fuzion100 has received a £2 million (€2.28 million) investment in return for control of 60 per cent of the company.
C7 Brands Ltd controls Coco Fuzion, and was a subsidiary of investment firm Prime Active Capital, in which former rugby player Jamie Heaslip is an investor.
The deal announced on Monday sees Prime Active Capital reduce its stake in the business to 40 per cent with Abbey International Finance investing in return for majority control of the company. The investment is a blend of equity and additional debt funding.
Coco Fuzion is available in 10 international markets including Ireland, the UK, Australia, the United Arab Emirates and the United States. Steve Barton, the company's chief executive, said the investment was needed to sustain and support the brand's "extreme growth".
“Given the scale and growth of our key brand Coco Fuzion100, to have Abbey International Finance as our investment and growth partner is a pivotal moment in the company’s and brand’s history. The global coconut water market has seen extreme growth over the last five to six years and we are well positioned, now more than ever, to further capitalise on the growth of the health sector in our core markets around the world,” he added.
C7 is on track to sell up to 1.3 million cases of the coconut water this year having been established in 2013. In addition to Mr Heaslip, brand ambassadors include rugby player Bryan Habana and former Lions coach Ian McGeechan.
Abbey International Finance is a Dublin-based investment company with net assets in excess of €150 million. Its managing director, John Prosser, said the company looks forward to making Coco Fuzion a "global brand". "Steve Barton has assembled a team capable of delivering high-quality distribution of this outstanding product," Mr Prosser added.