Updated July 21, 2016 6:16 p.m. ET
LifeAID Beverage Co., a maker of nutritional supplement drinks, said it secured an investment from private-equity firm KarpReilly to fund the company’s expansion efforts.
Terms of the deal, described as a minority position, weren’t disclosed in a news release.
Santa Cruz, Calif., company said it would bolster its sales and marketing teams as well as expand its footprint in conventional retailers.
Orion Melehan, a co-founder at the company, said LifeAID had been approached by other private-equity firms before choosing to partner with KarpReilly. He said firms had heard of the business because of its presence in the CrossFit market.
Aaron Hinde, also a LifeAID co-founder, said the influx of capital would help the company hire more employees and invest in marketing and expanding its inventory base. Additionally, the founders noted that the company aims to expand into the golf market and grow its burgeoning food product division.
LifeAID’s performance and recovery supplement products include FitAID, FocusAID, PartyAID, TravelAID, GolferAID and FitAID Fuel Pouch.
KarpReilly invests in companies in the consumer sector, targeting retail, online commerce, restaurants, branded products, apparel, natural products, foods and beverages. The Greenwich, Conn., firm makes equity investments as small as $3 to $5 million and as large as $75 million.
KarpReilly said in February it acquired Zola, a maker of coconut water drinks, Acai juices and dark chocolate-covered fruit.
-Laura Cooper, Dow Jones reporter, contributed to this article.
SOUCRE: http://www.wsj.com/articles/karpreilly-backs-lifeaid-beverage-co-1469119927
