Sale to Britvic represents 2.3x return on initial investment
Pembroke VCT has exited its investment in Plenish, the award-winning plant-based milks and plant-powered juice brand. The innovative beverage brand, which was one of Pembroke VCT’s earliest investments, has been acquired by Britvic to boost its plant-based drinks portfolio and cater to the growing demand for healthy and nutritious juices.
Plenish was founded in 2012 by Kara Rosen who after moving from the US saw a gap in the UK market for cold pressed juices with no added sugar. The company’s product offering has since grown to offer a range of plant-based milks and plant-powered juice drinks, that are now widely stocked at major national grocery retailers and through their own direct to consumer site, plenishdrinks.com. Plenish achieved B Corp status in 2020 and became the first plant-based drinks brand to be carbon negative.
Pembroke VCT made its first investment into Plenish in 2013. It has sold its stake in Plenish as part of the deal with Britvic and the exit represents a 2.3x return.
Andrew Wolfson, CEO of Pembroke commented; “Congratulations to Kara Rosen and the whole team at Plenish on news of its acquisition by Britvic. Pembroke VCT was an early investor in Plenish as we first recognised its potential in 2013, just a year after it was established, so we are delighted to see the company through to its next stage. We have really enjoyed working with the Plenish team and have always been impressed by their forward thinking, integrity and sheer hard work”.
Kara Rosen, Founder of Plenish, said: “I’m so excited for Plenish to join forces with Britvic, who I’ve long admired as a brilliant builder of brands and shares similar values, particularly around healthier people and planet. Together we can reach more people in more places with products and programmes that help you feel good, made in a way that you can feel good about.
“I am so grateful to Andrew Wolfson and Peter Dubens at Pembroke who believed in Plenish from an early stage and have been the most incredible investors. They over-delivered on their promise to support founders through the good and the hardest of times with contacts, strategic advice and a consistent positive force cheering in your corner.”