Low-calorie drinks supplier Skinny Brands has sold a controlling stake to private equity firm Mosaic, The Grocer has learned.
The firm, whose drinks include Skinny Lager, Skinny Cider and a range of RTD cocktails, has sold 37.5% of the business to Mosaic for an undisclosed sum, making Mosaic the majority shareholder.
With the deal Mosaic has drafted in former AB InBev Russia & Central Europe CEO Mihai Albu to lead Skinny Brands as CEO, with Adrian Hirst, former global sales director at Kopparberg, taking the role of CCO.
The brand’s co-founders Thomas Bell and Gary Conway will stay on to provide “strategic direction” for the business, Bell told The Grocer.
“This is an incredibly exciting new chapter of the company’s rapid development and one that will shape the future for the business and hopefully the industry for years to come.
“We have been spearheading the very significant shift in what consumers are looking for in their alcohol choice and ‘lifestyle’ is a category we have been pushing for a very long time. Now we have the backing and management to make significant inroads within the industry.”
The deal comes just months after Skinny Brands raised over £437k with a crowdfunding drive for 3.83% of its equity, which ended in January.
Mosaic’s backing meant prior investors “could feel at ease that there are now bigger backers on board which secures the future of the business”, said Bell.
The brand is currently stocked in Tesco, Asda, Morrisons, Ocado and Amazon, and recently embarked on a complete rebrand of its core 4% abv lager, with a further refresh planned for its cider and RTD products.