Califia Farms has received a $50m investment from New York-based private equity firm Stripes Group to advance its research and development in plant-based beverages and foods.
The maker of almond milk beverages stated that the investment would be used in deepening production, development of distribution capacities, research and development, hiring, and sales and marketing.
The company said it would also take Stripes Group's assistance to build resources and improve its digital brand building efforts.
Under the partnership plan, Marriott and Stripes partner Karen Kenworthy will join Califia's board of directors.
For Califia Farms, this is the firm's first outside investment since its launch in 2010. The company is majorly owned by Sun Pacific, which grows citrus fruit, tomatoes, kiwi and grapes, packs and markets over 35 million boxes of fruit annually.
Sun Pacific and Steltenpohl, the founder and CEO of super-premium juice brand Odwalla, introduced the Califia Farms brand in February 2013 with the launch of a three-pack citrus juice, each packaged in a 48 oz. curved carafe that has since become well-associated with Califia.
The brand forayed into almond milk beverages and later into a broad range of cold-brewed coffee products along with a line of aguas frescas.
Stripes said that Califia Farms was not seeking an outside buyer but given their association which led to the equity firm's ability to support Califia's need for digital brand transformation, both the companies chose to partner.
Stripes Group has partnered with several food and technology players such as Blue Apron, GrubHub, Stella & Chewy's, and Refinery29.
Image: Califia arrived into the beverage market with citrus juice. Photo: Courtesy of tiverylucky/FreeDigitalPhotos.net.
