In Q1 2017 New Age delivered $11.4 million in gross revenue, up $1,842% versus prior year actuals and up 7.2% organically on a pro-forma basis, not including the results of the Marley or Coco-Libre acquisitions
The acquisition of Maverick Brands and its flagship brand Coco Libre for a combination of cash and shares of common stock in New Age “fills an important gap to complete the Company’s functional beverage portfolio,” according to a press release.
New Age Beverages’ initial public offering, estimated to be worth approximately $15 million, was four times oversubscribed due to an abundance of investor interest in the Denver-based distributor, CEO Brent Willis told BevNET on Friday.
New Age CEO Brent Willis explained that the combination of his company’s sales and marketing resources along with consumers’ strong identification with Bob Marley as a public figure made the partnership an ideal opportunity for New Age to make its long-planned entrance into the RTD coffee segment.
Marley Beverage CEO Harry Bigelow said that the company “wanted to dial it back a bit” in terms of its original reggae-themed labels and marketing initiatives, while maintaining the brand equity of Bob Marley.