Steaz iced tea brand acquired by privately-held buyer
Steaz, a manufacturer of green tea-based iced teas, has been acquired by an unidentified privately-held strategic buyer. The company, predominantly owned by an investment arm of Swiss food giant Nestlé, has been on sale for almost a year. While the financial details of the deal were not disclosed, the minimum bid was reportedly set at $30 million. According to the sales pitch, Steaz was expected to generate more than $17 million in annual sales in 2015 and increase its revenue by a compounded annual growth rate of 47% from 2013 to 2019 by expanding into new channels and launching new products. Nestlé purchased a nearly 75% stake in Steaz for $11 million in 2008 via Inventages Wealth Management.