Zola Fruits of the World, a maker of good-for-you beverages and foods, has been acquired by private equity firm KarpReilly.
Zola was founded in 2002 and its products today include Coconut Water, Coconut Water with Espresso and Coconut Water with Pulp. Zola also makes organic acai juices including Acai Original, Acai with Blueberry, Acai with Pomegranate, and Acai with Mango and Chia. The company launched a new product – Dark Chocolate Covered Fruit (acai, blueberry, coconut, and banana) – in October 2015. Zola’s products are sold through grocery and natural food stores in the US and Canada. The company is headquartered in San Francisco (www.livezola.com).
Zola is led by Chris Cuvelier, founder and CEO, and the current management team will remain in place post-sale. “KarpReilly is the perfect partner for Zola,” said Mr. Cuvelier. “Their long term approach and track record for growing great brands will help Zola reach its full potential.”
KarpReilly plans to grow the business by providing capital to support rapid scaling of the brand including new product development. “We like to invest in great brands and passionate people,” said Allan Karp, co-Founder of KarpReilly. “Chris and the Zola team have done a fantastic job creating an amazing brand and a loyal following leveraging their great tasting products and the unique Fruits of the World brand platform. The team has some great ideas in the pipeline and we look forward to supporting them as they take the company to the next level.”
Zola recently announced new distribution agreements and continues to expand its footprint in natural food and conventional grocery stores across the country. “Our expanding distribution and soon to be announced new products, coupled with this new partnership, will give us the opportunity to reach more consumers with our great tasting better-for-you products,” said Mr. Cuvelier.
KarpReilly invests in consumer growth companies at the lower end of the middle market through a variety of transaction types including growth equity, management buyouts, acquisition financings and recapitalizations. The firm’s investment size is from $10 million to $75 million of equity capital. Industries of interest include consumer brands; building products; business services; health care services; retail; and restaurants (www.karpreilly.com).
© 2016 Private Equity Professional • 2-11-16