As it considers investment offers to help expand its business, Adina for Life beverages landed a bridge loan last week from Baltimore-based Bradmer Foods LLC for an undisclosed amount to hold them over until they secure a more permanent deal at the end of the month, according to Beverage Business Insights.
BBI said Sherbrooke Partners offered an investment deal, currently in the due diligence phase, that could be an entrée back into the beverage segment for SoBe creator and Sherbrooke partner John Bello.
Bello was spotted visiting Adina’s San Francisco headquarters in early December, BBI reported.
Bradmer is a venture capital firm that focuses on specialty and organic food companies in the $1 million to $10 million range, and previously invested in Organic To Go and Charles Chocolates.
“We are excited to have been able to lead Adina’s bridge loan financing and to get them on stronger footing for their next stage of growth,” said Bradmer Managing Director Adam Borden in a prepared statement.
In the same statement, Adina co-chair and CEO Greg Steltenpohl said that Adina was “pleased with the spirit behind the investment and how quickly Bradmer Foods was able to become a strategic partner of ours. We look forward to their ongoing involvement in expanding our business.”