Sports milkshake company My Goodness has sold a £1.5m minority stake in its £5m business to Sussex Place Ventures, suggesting the private equity appetite for smaller deals is still strong despite the credit crunch.

Jeremy Martin, marketing director and co-founder, told The Grocer the funding would be used to invest in above-the-line advertising for its For Goodness Shakes! brand, including its first TV ad campaign, as well as expanding the company's sales and marketing team. The deal, he said, formed part of the company's ambitious plans to build a £50m brand in the next three years.