Zevia Secures $200-million Investment From Global Investor CDPQ
Caisse de dépôt et placement du Québec (CDPQ), a global institutional investor, announced today the closing of a USD 200-million minority investment in Zevia, LLC (Zevia), a U.S. beverage company offering a portfolio of zero calorie, naturally sweetened beverages in the United States and Canada.
Zevia
CDPQ’s investment includes primary capital which will be used by Zevia, one of the leading and fastest growing beverage companies in North America, to pursue its global expansion strategy.
Led since 2010 by Paddy Spence, Zevia’s CEO, the brand has carved out a unique space in its industry. With a vision to create alternatives to conventional sugary and artificially sweetened beverages, Zevia has grown its market share over time to become the market leader in the zero calorie, naturally sweetened beverage segment, with national distribution in over 35,000 retail locations across the United States and Canada.
As part of the transaction, Zevia selected CDPQ to support its next development phase – citing CDPQ’s solid expertise in asset management, global reach and strong commitment to environmental, social and governance (ESG) values.
“Zevia’s line of zero sugar, naturally sweetened beverages has resonated with shoppers across the US and Canada, and we’re excited to partner with CDPQ to accelerate our growth,” said Paddy Spence, CEO of Zevia. “Zevia is focused on making the world a better place through sustainable, affordable products that taste great and feature simple, plant-based ingredients – and we look forward to partnering with CDPQ, an investor which sees ESG matters as an opportunity to generate sustainable growth that benefits everyone.”
“Zevia has enjoyed significant and consistent growth in recent years, firmly taking its place as an industry leader in North America,” said Martin Laguerre, recently appointed Executive Vice‑President and Head of Private Equity & Capital Solutions at CDPQ. “The company has an accomplished management team, which has fostered a culture of innovation and developed a loyal client base. Going forward, Zevia will be able to benefit from CDPQ’s ability to create value with our established network to maintain its impressive momentum.”
With its culture aimed towards inclusion and innovation, Zevia received nine Comparably Awards in 2020, including for Best Professional Development, Best Leadership Teams, as well as Best CEO for Women and Diversity and Best CEO.
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