April 6, 2010
SAN FRANCISCOAdina for Life, Inc., recently completed a $14-million round of equity financing with Dallas-based CIC Partners, which includes former PepsiCo Chairman and CEO Roger Enrico, and Michael Rawlings, former President at Pizza Hut, Inc. Other investor partners include Sherbrooke Capital, Pacific Community Ventures, Good Capital, and Seraph Capitalall investors in previous rounds, as well as many of Adina's distributor partners.
Adina for Life will utilize the newest round of investment capital to bolster national distribution of its flagship line of organic, fruit-infused herbal beverages, Adina Holistics, which recently was named "Best Non-Carbonated Beverage" by Beverage Spectrum Magazine at the 2009 BevNet Awards. "After 10 months of due-diligence, we are confident that the strong combination of proven talent and a superior product will successfully compete in a very crowded marketplace," said Michael Rawlings, managing partner at CIC Partners."
Adina also announced that Norman E. Snyder joined the company last month as president and CEO. Snyder served as COO at SoBe Beverage, where he worked closely with Adina for Life CEO John Bello. Roger Enrico, former chairman and CEO of PepsiCo and chairman of Dreamworks Animation SKG, and Rawlings will assume board positions with Adina.
You May Also Like