Spirits-focused private equity firm InvestBev has backed Thomas Ashbourne Craft Spirits, the ready-to-drink brand crafted with the help of celebrities like Sarah Jessica Parker. Terms of the deal were not disclosed.
The announcement comes on the heels of the firm’s $1 million investment last week in Ten to One Rum, a brand helmed by former Starbucks vice president Marc Farrell and backed by pop star Ciara. Chicago-based InvestBev, founded in 2015 by industry veteran Brian Rosen, has built a reputation for in categories with more barriers to entry such as brown or agave spirits.
But after Rosen said last year he would eschew the risk of betting on a celebrity brand, it seems that position has changed. Launched last summer, each Thomas Ashbourne cocktail features a celebrity partner that was “instrumental in developing their signature cocktail’s flavor profile and personality, based on their individual tastes and the style they are known for,” according to the brand.
Beyond SJP, other celebrities involved include Ashley Benson, Rosario Dawson, Vanessa Hudgens, and Playboi Carti. Thomas Ashbourne’s newest cocktail, The After Hours Espresso Martini, crafted with actor and producer Neil Patrick Harris, debuted in May.
“This partnership will greatly enhance our strategic capabilities as we establish leadership in the premium ready-to-drink category, expand our beverage portfolio, and connect more deeply with our consumers and retail partners,” said Cara Kamenev, CEO of Thomas Ashbourne Craft Spirits in a press release.
The prepared cocktails now join InvestBev’s varied portfolio of RTD investments including THC and CBD-infused Cann; Elenita, the first mezcal RTD to enter the U.S. market; and canned wine Nomadica.
“Thomas Ashbourne combines what today’s consumers care about: taste, convenience, and sustainably-sourced, natural ingredients. Add to it the fact that Cara is a marketing genius who has built lasting talent partnerships that stand out, and you have all the ingredients for a brand whose growth has no limits,” said Rosen in a press release.
The partnership will drive product innovation and retail expansion as well as back office infrastructure support, according to the release. Priority growth opportunities are opening more markets, said Rosen, particularly chain accounts. In April, the brand expanded into about 800 locations of Kroger Family Companies.
Dollar sales growth continues for spirit-based RTDs, up 40.3% in the two-week period ending September 9, versus 40.7% for the four-weeks and 43.3% for the 12-weeks off-premise according to NielsenIQ data by Goldman Sachs Equity Research. Thomas Ashbourne has grown sales 95% off-premise since this time last year, based on NIQ data provided by 3 Tier Beverages.