September 17, 2015

Almond milk, citrus drink, and cold-brewed coffee company, Califia Farms, announced it has received a $50 million minority investment from New York-based private equity firm, Stripes Group.

The investment marks the first outside investment for Califia Farms, which is majority owned by Sun Pacific, a producer of citrus fruit, tomatoes, kiwi, and grapes that markets over 35 million boxes of fruit annually. Sun Pacific and premium juice brand, Odwalla, founder and CEO, Greg Steltenpohl launched the Califia Farms brand in February 2013 with three citrus juices. The brand rapidly expanded into almond milk beverages, cold-brewed coffee offerings, and a line of ‘aguas frescas’.

The new capital will be used by Califia to expand its production and distribution channels, support the company’s research and development initiatives, increase its staff, and to ‘build out its resources and scale its digital brand building efforts’.

Stripes Group is self-described as “a growth equity firm that makes $10-$100 million investments in Internet, software, healthcare IT, and branded consumer products businesses.”  The firm holds existing stakes in other food-focused companies including Grub-Hub and meal delivery business, Blue Apron.

Califia Farms posted year-on-year sales growth of 177% for its almond milk products for the year ending March 2, and as of June 14, the Califia coffee brand is noted as the fastest-growing natural coffee brand according to data supplied by market research firm, SPINS.

Commenting on the investment, Califia CEO, Greg Steltonpohl said, “Stripes Group is perfectly aligned with our culture of rapid innovation and sustainability, and they are deeply supportive of our commitment to provide delicious, mindful nourishment that enables people to live healthier lives with plant-based products,”