Investment firm Strand Equity Partners LLC purchased a minority ownership stake in beverage maker Bai Brands LLC.
Terms of the transaction were not disclosed.
Strand Equity specializes in consumer brands and goods. Previous investments include electronic cigarette maker NJOY, coconut water company Vita Coco and organic baby-and-toddler food company Happy Family, which was sold to Paris-based Danone SA (OTCMKTS: DANOY) for an undisclosed price in May.
Bai was founded in 2009 by its current chief executive Ben Weiss. The company is known for making and distributing the beverages Bai and Bai5, which are marketed as naturally flavored fruit drinks with antioxidants.
The deal with Strand Equity is expected to help grow the brand and improve its marketing.