Partnership leveraging L Catterton's operating
know-how will help entrench Viee's leading position in
Sichuan and Chongqing and facilitate expansion in nearby
provinces
CHENGDU,
China, Aug. 6, 2024 /PRNewswire/ -- L
Catterton, a leading global consumer-focused investment firm, today
announced that it has made a strategic investment in Viee, a
beverage company with an eponymous brand of plant-based drinks most
frequently consumed alongside spicy cuisines in southwestern
China. Working closely with each
other, L Catterton will partner with Viee to solidify the
brand's iconic profile and foothold in its home region of
Sichuan and Chongqing, enlarge its presence in adjacent
provinces, and expand across the rest of the country.
China's market for beverages
consumed alongside food has been growing and is expected to
reach around $60 billion in 2028 as
consumers increasingly dine out and patronize meal delivery
services instead of cooking at home. Non-alcoholic drinks have also
been winning market share from alcoholic beverages in the food
service industry amid rising demand for healthier drinks that
contain natural ingredients, especially among Gen Z consumers.
Made predominantly from peanuts and walnuts, Viee's range of
beverages are highly effective as spice and grease 'neutralizers'
and considered by consumers in Sichuan and Chongqing as "must-have drinks" when eating
the spicy dishes that characterize southwestern China's cuisine. Coupled with the reputation
for tasting great, being nutritious, as well as being additive- and
preservative-free that they have earned over the past 30 years,
their efficacy has led Viee to become the top-selling
non-carbonated, non-alcoholic beverage brand in the region. With
its strong brand equity and high quality, Viee has also come to
enjoy best-in-class conversion, repurchase, and customer advocacy
rates in its home region and is gaining traction in nearby
provinces such as Shaanxi,
Guizhou, and Yunnan.
"Viee has a large and growing base of loyal customers in a
sizable and resilient category in southwestern China," commented Scott Chen, a managing partner in the
Asia fund of L Catterton.
"The company has not only developed drinks which have become fairly
ubiquitous in the region, but also established a vertically
integrated supply chain and wide network of distributors with whom
it has longstanding relationships. Earnings have been on a clear
uptrend and hit a record high in 2023, attesting to consumers'
enduring demand for Viee through market cycles. The company has a
proven management team, and we look forward to working closely with
it to unlock further value."
Viee founder representative Yawen Guo added, "L
Catterton has a keen understanding of our industry and business. We
are impressed by the comprehensive value creation plan that the
firm has devised for Viee and are excited about executing it in
partnership with them. By working together to solidify our lead in
Sichuan and Chongqing and further penetrate the market in
adjacent provinces as well as the rest of China, we believe that we will be better able
to enrich our target customers' lives, providing them with tasty
and nutritious beverages which they enjoy."
L Catterton has extensive experience building
beverage brands across the world. Current and past investments in
the space include Chi Forest,
Glaceau Vitaminwater, Heytea, Innis & Gunn, Odwalla, Remedy,
and Sweet Leaf Tea.
About L Catterton
L Catterton is a market-leading consumer-focused
investment firm, managing approximately $35 billion of equity
capital across three multi-product platforms: private equity,
credit, and real estate. Leveraging deep category insight,
operational excellence, and a broad network of strategic
relationships, L Catterton's team of more than 200
investment and operating professionals across 17 offices
partners with management teams to drive differentiated value
creation across its portfolio. Founded in 1989, the firm has made
over 275 investments in some of the world's most iconic consumer
brands. For more information about L Catterton, please visit
www.lcatterton.com.
About Viee
Sichuan Viee Beverage Food Co., Ltd is the largest plant-based
beverage company in western China.
Since its establishment in 1992, the company has been dedicated to
providing healthy drinks using high-quality natural ingredients
that are suitable for consumers across a wide range of ages. Its
portfolio comprises its signature series of plant-based beverages
with Vitamin E and Bifidus factor that are made predominantly from
peanuts and walnuts, as well as a range of oat and soy milk
products with a variety of flavors such as ginger, jasmine,
osmanthus, pine nut, and sesame. Being tasty and highly effective
as spice neutralizers, Viee's drinks are consumed extensively
across Sichuan and Chongqing, and are also gaining popularity in
adjacent provinces, with products available at more than 550,000
points of sale in the region. For more information about Viee,
please visit www.bsg-viee.com.
CONTACTS
L Catterton
Julie Hamilton (U.S.)
media@lcatterton.com
+1 203 742 5185
Bob Ong / Bonnie Gan (Asia)
bob.ong@lcatterton.com / bonnie.gan@lcatterton.com
+65 6672 7619 / +86 10 8555 1807
Viee
Yongqiong Zhu
mayf@sichuanviee.com
+86 186 2817 6373
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SOURCE L Catterton