UK-based smoothie group innocent, which also boasts a range of chopped vegetable pots, has revealed that Coca Cola will invest £30m (€33m) for a minority stake in the business that will go towards the company's planned expansion in Europe.
The agreement, which is subject to approval by the Coca-Cola board of directors in April, will see none of the money raised going to innocent shareholders, and has been solely sought after to fund the group's 'mission to get more natural and healthy products to more people across Europe'.
'We're excited by this minority investment as it enables us to do more of what we are here to do – get natural, healthy products to as many people as possible,' said innocent co-founder Richard Reed. 'All the money is coming into the business to fund our European expansion and the founders will continue to lead and run the company – we will be the same people, in the same offices, making the same products in the same way.'
He added that the group will continue to uphold the standards it has maintained so far, in making natural products, using socially and environmentally aware ingredients and donating money to charity.
'We Chose Coca-Cola as an investor because as well as providing the funds which will allow us to increase our investment in the brand both in the UK and internationally, they can help us get our products out to more people in more places,' Mr Reed noted. 'They have been in business for over 120 years, so there be things we can learn from them – and in some small ways, we may be able to influence their thinking too.'
James Quincy, group business unit president for Coca-Cola Europe, said that his company was 'delighted' to make the investment.
'We have long admired their brand, their products and their unique approach to business,' he said. 'Our investment will support innocent in helping more consumers enjoy their products and for the business to expand across Europe.'
