Adina for Life, San Francisco, completed a $14 million round of equity financing. The investment capital will be used to grow national distribution of Adina Holistics, its line of organic, fruit-infused herbal beverages, the company said.
“After 10 months of due-diligence, we are confident that the strong combination of proven talent and superior product will successfully compete in a very crowded marketplace,” said Michael Rawlings, managing partner at lead investor CIC Partners, Dallas, in a statement.
CIC Partners includes Roger Enrico, former PepsiCo chairman and chief executive officer, and Michael Rawlings, former president at Pizza Hut Inc. Enrico and Rawlings will join Adina’s board, the company said.
“I’m enthusiastic about this newest venture and to be joining forces with [Adina for Life Chief Executive Officer] John Bello and his team,” Enrico said, in a statement. “In the changing face of today’s beverage market you win by aligning yourself with the right people … Adina has all the ingredients to rise above the competitive clutter.”
Additional investor partners include Sherbrooke Capital, Pacific Community Ventures, Good Capital and Seraph Capital, which all previously invested in the company, it said. In addition, the company also received funds from many of Adina’s distributor partners.
Last month, Adina’s management team also added Norman E. Snyder as president and chief operating officer. Snyder served as chief operating officer at SoBe Beverage, where he worked closely with Bello. Adina for Life manufactures three product lines: Adina Holistics Herbal Elixirs, Baristas Brews All-Natural Coffee Drinks and Organic Tribal Blends Coffee Drinks.
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