US-based investment firm Next In Natural has acquired a majority stake in local craft sparkling water maker Aura Bora to support the company’s “next phase of growth”.
Financial terms of the deal were not disclosed.
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In a statement, the investor said the deal “positions Aura Bora for its next phase of growth as a valued addition to Next In Natural’s shared services ecosystem”.
Established in 2019 by Paul and Madeleine Voge, the San Francisco-based Aura Bora makes a range of canned sparkling waters from herb, fruit and flower flavours and extracts.
The company deploys “cold-force carbonation” and “reverse-osmosis filtration” processes to fill cans to produce sparkling waters which it claims are “free of PFAS and citric acid”.
Its sugar, calorie-free and non-GMO beverages are available in ginger meyer lemon, lime cardamom and lavender cucumber flavours, among others.
As part of the stake acquisition, Next In Natural CEO Jeff Lichtenstein will become chairman of the board at Aura Bora while Aura Bora co-founder and CEO Paul Voge will “focus on future product innovation”.
Voge said: “The better-for-you beverage category continues to grow, and our partnership with Next in Natural positions Aura Bora to capitalise on this momentum.”
Aura Bora’s “products continue to be a welcome change from the norm, in what has traditionally been a boring category,” he added.
Following the deal, Voge said he was “excited for our team to continue to innovate, grow our audience, and release products consumers love. We will benefit greatly from Next in Natural’s expertise in scaling efficiently and effectively”.
Jeff Lichtenstein brings experience in launching and growing brands such as Chobani, La Colombe, and Hu as the founder and CEO of Gourmet Guru.
A food and beverage incubator and distributor, Gourmet Guru was acquired by natural foods wholesaler UNFI in 2016.
Commenting on the deal, Lichtenstein said: “Paul’s story is one of passion for doing the right thing by way of creating better-for-you products with marketing that really resonates with consumers seeking healthy and imaginative products.
“With Next In Natural’s shared services platform, Aura Bora is positioned to thrive with comprehensive support that will strengthen their supply chain and support future innovation.”
Aura Bora’s sparkling waters are available throughout the US through grocery stores, e-commerce platforms, and foodservice providers.
The company has also collaborated with brands including Graza Olive Oil, Magnolia Bakery, and PF Candle on specialty product launches.
In June 2021, Aura Bora kicked off a subscription service for its namesake sparkling water range in the US.
