Beverage firm Founders First has taken a 50 per cent shareholding and solutions partnership in Torquay Beverage Company by exercising convertible notes.
The partnership is expected to result in rapid movement in the brand’s emerging drinks categories, which has already yielded a new seltzer product commercialised within the past six months. The new Nosh Boozy Seltzer brand will retail in more than 500 liquor stores throughout five states.
“From idea to launch in less than six months is a great achievement in anyone’s language,” said Founders First CEO and MD Mark Haysman. “Nick is a truly innovative young Australian entrepreneur, and we have a very productive business partnership with a number of new product launches on the horizon… We see a lot of potential for this brand on-premise as well.”
The hard seltzer/soda category is growing over 300 per cent annually in the US, and a similar trend may well occur in Australia as a result of a general public interest in healthier drinks alternatives.