San Francisco-based Adina for Life, Inc., creators of Adina beverages, today announced the completion of a $14 million round of equity financing. Leading this newest round is Dallas, TX-based CIC Partners, which includes former PepsiCo Chairman and CEO Roger Enrico, and Michael Rawlings, former President at Pizza Hut, Inc. Other investor partners include Sherbrooke Capital, Pacific Community Ventures, Good Capital, and Seraph Capital—all investors in previous rounds, as well as many of Adina’s distributor partners.
Adina for Life will utilize this newest round of investment capital to bolster national distribution of its flagship line of organic, fruit-infused herbal beverages, Adina Holistics™, which was recently named “Best Non-Carbonated Beverage” by Beverage Spectrum Magazine at the 2009 BevNet Awards. “After 10 months of due-diligence, we are confident that the strong combination of proven talent and a superior product will successfully compete in a very crowded marketplace”, said Michael Rawlings, managing partner at CIC Partners. Rawlings added that “John Bello knows how to develop and deliver what today’s consumers want.”
Adina’s management team also received a major upgrade last month with the addition of new President and Chief Operating Officer, Norman E. Snyder. Snyder served as COO at SoBe Beverage, where he worked closely with Adina for Life CEO and beverage industry icon John Bello. “Norm is a multi-faceted executive who learned the business from the ground up—a person who will add tremendous value and experience to the team,” said John Bello. Bello added that Snyder was instrumental in the growth and development of SoBe, leading up to that brand’s acquisition by PepsiCo in 2001 for $370 million. “I can’t think of anyone else better suited for this position than Norm and I’m thrilled he’s on board.”
Roger Enrico, former Chairman and CEO of PepsiCo and Chairman of Dreamworks Animation SKG, and Rawlings will assume board positions with Adina. “I’m enthusiastic about this newest venture and to be joining forces with John Bello and his team,” said Enrico. “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.”
Since the company’s inception, Adina has always attracted socially responsible investment partners, including Boston-based Sherbrooke Capital, and San Francisco Bay-area groups such as Good Capital and Pacific Community Ventures. “We are excited about the potential of Adina Holistics, which represents a healthy, organic product that has broad appeal to trend-setting and responsible consumers across the country,” said Penelope Douglas, President at Pacific Community Ventures. “Adina is breaking the mold by offering great tasting, light and refreshing beverages made with all natural, Fair Trade ingredients from around the world.”
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