Cheribundi, a functional tart cherry juice for athletes, has been acquired by GoodBelly maker NextFoods for an undisclosed amount.
in the meantime The deal brings two brands of healthy functional beverages under one corporate owner, preserving their own branding and audiences. GoodBelly manufactures probiotic-infused juices, shots, supplements and melts to promote gut health.
As part of the deal, Marcel Bens, who has been CEO of Cheribundi since January 2021, will head NextFoods.Current Next Foods CEO Juan Grus transition to Chief Commercial Officer.
“Cheribundi and GoodBelly are dedicated to providing natural products that provide scientifically proven health benefits,” Bens said in a statement. “This merger comes at a time when consumers are looking to move beyond lab-based synthetic products to those that naturally offer the same benefits, positioning NextFoods as a leader in this movement.”
In an email, Benz said the merger would bring together two well-known brands with natural or naturally-derived functional benefits into one. can be expanded to a larger level.
Each brand is currently sold in over 20,000 retail outlets, but the recent spike in e-commerce sales has been with Cheribundi. According to the company, Cheribundi’s e-commerce sales have grown 120% year-over-year. Bens wrote in an email that he hopes to see that kind of growth on GoodBelly’s channel as well.
Each brand belongs to the field of functional beverages, but so far the target market and consumers are different.
cheribundi is Started in 2004 Written by former Wall Street banker John Davy. He worked with food scientists at the Cornell University Agricultural Experiment Station to develop the all-natural Tart His Cherry His Juice to highlight the fruit’s pain-preventing and muscle-restoring properties.
In 2020, Cheribundi will $15 million investment round Led by Emil Capital Partners, with whom Bens was working at the time. Cheribundi had been growing on its own before then, but this investment was intended to focus on repeat purchases and customer acquisition. More than 400 professional and college sports teams are now affiliated with his Cheribundi, the company said.
Bens told Forbes in 2020 that Emil Capital Partners was considering an exit strategy for its investment in Cheribundi. NextFoods is now on a smaller scale, but as a company it remains focused on continuing its transition to functional foods.Goodberry and Next Foods Founded in 2008 By former Silk CEO Steve Demos and former WhiteWave Foods colleague Todd Beckman.
Over the years, GoodBelly has made headlines for both its famous founder and its functional proposition.
In 2018, 301 Inc., the venture capital arm of General Mills, led a $12 million funding round for the brand. General Mills partnered with GoodBelly in 2019 on protein bars, probiotic cereals and yogurt.
The functional beverage space has seen considerable growth recently, Currently worth $182.7 billion worldwide, according to Euromonitor statistics reported by Glanbia. In the US, this segment is worth his $50 billion and accounts for his 27% of global sales.
With increasing consumer interest in foods that can provide specific health and wellness functions, Cheribundi and GoodBelly are well positioned to capitalize on this segment, which is expected to grow 6.4% globally. By 2026, Euromonitor statistics are found.
according to Data sensitive information reported by Glanbiamore than 3 in 10 functional beverage consumers use functional beverages to increase energy, improve heart health, improve sleep, boost immunity and improve gut health I am interested in
