Former VEB Director Bill Ford Joins Investment Firm ICV Partners
Atlanta, Georgia-based investment firm ICV Partners announced last week that former Coca-Cola Company executive Bill Ford has joined as a managing director in its Portfolio Operations Group (POG).
Ford served as group director in Coke’s Venturing and Emerging Brands (VEB) unit from 2017 to February 2021. He has previously held positions with Treehouse Foods, as general manager of single serve coffee and tea, and at The Boston Consulting Group.
“I have a passion for building businesses alongside inspiring entrepreneurs and I’m excited by the opportunity to do that with the strong team at ICV Partners and their portfolio partners,” Ford said in a statement to BevNET.
ICV’s current investment portfolio includes companies such as Total Access Urgent Care, Mintz Group, Horizon Air Freight and JK&T Wings, the country’s largest franchisee of Buffalo Wild Wings restaurants.
In addition to Ford, ICV announced in January that it has hired former Think Forward Consulting managing director Mary Rachide as senior operating executive, bringing its POG team to three full time members.
“As we continue to drive operational excellence throughout our portfolio, Bill will bring immediate value to the firm,” said ICV managing director Everett Hill in a press release. “We’re pleased to expand our support capabilities as we collaborate with the highly motivated portfolio company management teams who lead our businesses.”
Ford’s departure from Coke comes as the company has redefined its portfolio strategy, beginning last year an initiative to cut over 200 underperforming “zombie brands.” The cuts ultimately included VEB portfolio brands such as coconut water brand Zico (which was recently repurchased by founder Mark Rampolla) and ended retail sales of Hubert’s Lemonade. However, other VEB brands have begun playing larger roles in Coke’s total beverage strategy, including fairlife, Topo Chico and BodyArmor (which the company has begun working to acquire a majority stake).
CLEAN Cause Hires Former CAVU Investor as CFO
Yerba mate beverage maker CLEAN Cause has named Todd Bondy as its new chief financial officer. Bondy comes to the company from CAVU Venture Partners where he served as an investment professional and sat on the board of directors for several CAVU portfolio companies, including Kite Hill, Kettle & Fire and Nulo Pet Food.
Speaking to BevNET, Bondy said he had met CLEAN Cause founder Wes Hurt several times through trade shows and was intrigued by the brand’s products, which he said were on trend and high quality, as well as its social mission to support drug addicts in recovery.
“I was very head down, super busy at CAVU,” Bondy said. “But then I started thinking more and more about [CLEAN Cause], and it was taking up a disproportionate amount of my mind share about how I could get involved. And then it came together just really organically through conversations with Wes and [president and chief commercial officer Chad Peffer]. It was fast, but also a long time coming in a way.”
Bondy worked at CAVU from 2017 until January 2021. He previously served as a private investor at Lion Capital and as an investment banking analyst with Evercore.
Though his new role will include most of the standard duties associated with a CFO, Bondy said he hopes his experience in CPG investment will allow him to guide the brand’s growth and go beyond the traditional responsibilities of the role. Bondy said the Texas-based brand hasn’t sought outside capital and one of his top goals will be to find the right institutional partner to invest in the brand.
“What I’ve spent my past decade doing is talking to founders about how not all capital is created equal,” Bondy said. “It’s really a marriage of sorts in terms of who you’re going to be partnering with and taking capital from. And so, one of my key roles is going to be helping guide the company and attract and really discern who the right investors for CLEAN Cause are going to be.”
Thirty Drink Shuts Down, Founder Joins Chewable Tablet Startup
Thirty Drink founder Patrick McGinnis has joined snack startup VOKE TAB, Inc., maker of a line of “energy chewables,” as a partner. The move comes after Thirty Drink, which made a line of better-for-you hydration beverages, shut down at the end of last year.
In an email to BevNET, McGinnis said Thirty was unable to survive the COVID-19 pandemic as the bulk of its business was focused on the school and food service channels. The brand was sold in over 400 high schools in 14 states in February 2020, but the company was unable to weather the extended pandemic lockdowns and ultimately closed its doors in December.
“Although this is not how I wanted it to end I am extremely proud of where we finished,” McGinnis wrote. “We were distributed in over 14 states, over 4000 retailers, and 400 high schools. I am extremely thankful I could pay my employee’s through the pandemic and did not have to lay off anyone.”
VOKE makes a line of chewable tablets containing caffeine sourced from guarana berry seed, acerola cherry, red beet and green tea. As the brand prepares to launch nationwide, the company has hired former 5-Hour Energy COO Scott Henderson as its CEO.
“VOKE ENERGY is one of those products you only come across once a decade or so that combines incredible efficacy and convenience with a new and innovative product category,” Henderson said in a press release. “VOKE ENERGY has a tremendous market opportunity delivering value to both consumers and retailers across the U.S.”
CELSIUS Names Former Red Bull Exec to Board
Fitness energy brand CELSIUS announced last month that it has named former Red Bull North America EVP of sales Alexandre Ruberti to its board of directors. Ruberti brings over 25 years of beverage industry experience to the position.
“We are pleased to welcome Alexandre Ruberti as a new independent director to the Celsius Holdings board,” said president and CEO John Fieldly in a press release. “Alexandre joins Celsius at an exciting time as we continue to outperform the energy drink category in the United States and see massive opportunities globally. The addition of Alexandre complements our board of directors’ skills and experiences, and we are confident he will provide valuable perspectives as we continue to execute our strategy, drive profitability and enhance value for our shareholders. We look forward to his contributions and are excited he chose Celsius.”
The publicly traded, Florida-based brand has seen high double digit growth within the past year, with U.S. dollar sales up 93.3% to $101.4 million in the two-week period ending February 27, according to Nielsen. The report did not track the fitness and ecommerce channels, where CELSIUS has a significant presence, or the brand’s sales in Europe and Asia.
Other Moves from Around the Industry
- Kombucha maker Rowdy Mermaid has hired Sheila Rosen as its director of marketing. Rosen previously spent 18 years at Sterling-Rice Group, a brand-building firm based in Colorado.
- HP Hood LLC has named Robbie Lock as its new sustainability manager. Lock comes to the dairy producer from 3BL Media where he served as executive director.
- Pressed Juicery has named Michelle Peterson as its chief marketing officer. Peterson previously served as the global brand VP of Holiday Inn Express for InterContinental Hotels Group.
- CPG veteran Adam Hertel has joined Organifi as its VP of retail sales, according to LinkedIn. Hertel comes to the company from Riff Cold-Brewed and previously spent over eight years with matcha maker ITO EN (North America).