Sweet Leaf Tea gets Nestle cash infusion
Nestle Waters North America, a subsidiary of Swiss food giant Nestle, has invested $15.6 million in Sweet Leaf Tea Co. with an option to buy the entire company in three years. The funding should help Austin-based Sweet Leaf expand its distribution nationwide within the next two years. Sales of ready-to-drink teas have slowed in the recession, although the category has held up better than sodas, rising 1.3% in 2008, after double-digit growth in previous years. Sweet Leaf Tea was founded in 1998 and today carries a line of 10 classic iced-tea flavors and one lemonade flavor.