South African beverage company Bos Brands has secured additional growth equity from an investment consortium to fund the expansion of the Bos Ice Tea brand into the UK from its established base in Europe.
Will Battersby, CEO, Bos Brands. Source: Supplied
The new investment consortium includes South African Springbok Captain Siya Kolisi, his wife, business director and CEO of the Kolisi Foundation Rachel Kolisi, the Banducci family (which includes the CEO of Woolworths Australia), and a follow-on investment by the Ferguson family in the UK. Investment specialist Shaun Bryans will join the board as part of the deal, representing the consortium.
“This latest round of funding demonstrates faith in the brand and is critical to entering the key UK market and continue growing one of South Africa’s best-loved beverage brands internationally” explains Will Battersby, CEO of Bos Brands.
After launching in South Africa in mid-2010, Bos Brands entered the European market in 2013, launching its Rooibos iced tea in the Netherlands, France and Belgium. Battersby expects Bos Ice Tea drinks to roll out into UK retail outlets during spring 2023.
“We are excited to support Bos Brands during its next phase of growth, leveraging the strength of the brand to help capture the significant market opportunity in the UK,” said Shaun Bryans. “All of the members of the consortium are enthusiastic about partnering with management and Invenfin to continue its global expansion journey.”
Bos Brands, an investee business of Invenfin, Remgro’s corporate venture capital company, partnered with Mazars and Cala Capital Africa to advise on the equity raise. The sum of the latest equity raise was undisclosed.