Brooklyn-based mixer brand Q Mixers today announced it has secured a $40 million investment from Eurazeo Brands, the CPG-focused arm of French investment company Eurazeo.
“Q has established itself early on as a differentiated and exciting brand led by a passionate and entrepreneurial team,” said Eurazeo Brands CEO Jill Granoff in a press release. “Given the tremendous growth opportunity within this category, we are excited to be partnering with Q.”
Launched in 2008, Q Mixers has emerged as a success story within the fast-growing premium cocktail mixer segment. The brand markets a variety of non-GMO tonics and sodas in retailers nationwide, including Target, Kroger and Whole Foods.
The company previously raised an $11 million funding round led by First Beverage Group in 2016.
Speaking with BevNET today, Q Mixers founder and CEO Jordan Silbert said that the company started actively exploring options for another fundraising round about a year ago. During that time, he said an evolution in the marketplace confirmed to him that the company should “go big on our next round,” noting increased awareness of the brand and the premium mixer category overall. Having initially built its presence in high-end bars and restaurants, Silbert said Q Mixers’ more recent growth has come from mainstream grocery retailers, citing 30-40 percent organic growth at Kroger last year.
Through its own consumer research, the company also found that it enjoyed strong loyalty among customers who had tried its products, but that its overall awareness amongst premium spirits and mixers aficionados was relatively low.
“We’ve watched the market evolve and reach an inflection point,” he said. “We think there’s a lot of growth [in the space] and we want to put ourselves in a position to invest aggressively against that growth.”
As part of the deal, Jim Goldman, a senior advisor at Eurazeo and a former president of Campbell Soup’s North American Food and Beverage Division, will join the board of directors at Q Mixers. He will be joined by George Birman, consumer growth investor at Eurazeo.
In partnering with New York-based Eurazeo Brands, Q Mixers joins an investment group with $800 million to deploy towards supporting premium CPG brands across a range of categories. The company’s current portfolio includes Nest Fragrances and Pat McGrath Labs. As part of the deal, Jim Goldman, a former CEO of Godiva Chocolate and a former president of Campbell Soup’s North American Food and Beverage Division, will join the board of directors at Q Mixers. He will be joined by George Birman, consumer growth investor at Eurazeo.
Silbert noted the appeal of bringing in senior level operators — including Granoff, who previously served as CEO of Kenneth Cole — with experience in high-end branded products to guide Q Mixers forward. He said the new funding will go towards growing both the company’s trade and consumer marketing efforts, the details of which were yet to be determined.
“We are really excited about playing this game to win,” said Silbert. “We’ve been really disciplined for 12-13 years now. We feel this inflection point and we want to race ahead and act as a category leader.”