Taylor Wessing advises Smedvig Capital on £4m investment in Suso Drinks Ltd.
Taylor Wessing in London has acted for London-based private equity company Smedvig Capital on a £4 million investment in SUSO Drinks Ltd, the new carbonated drink blend made with 100% fruit juice.
SUSO is a new entrant in the UK's £2 billion carbonated drinks market, with the new product launch targeted at the UK youth and young adult market. SUSO's management team is led by Chairman Harry Drnec, former CEO and Chairman of Red Bull UK, and is made up of soft drink veterans and highly experienced individuals with a track record of identifying new markets and developing strong, successful brands across markets and territories. It includes CEO Sean Uprichard, former head of commercial at Coca-Cola, COO Andrew King, the former CEO of PJ Smoothies, and Commercial Director Jamie Farrell, UK Commercial Director for L'Oreal.
Harry Drnec, who is behind the launch of SUSO, stood down as UK Managing Director of Red Bull in March this year. The high-profile Drnec is credited with boosting sales of the energy drink: under his watch, sales of Red Bull increased from 6 million cans in 1996 - the year it launched in the UK - to 300 million last year, and he is hoping to turn Suso into a similar phenomenon.
Smedvig Capital is active in development capital for growth businesses, and also has a £2.3 million stake in juice bar chain Lovejuice.
The Taylor Wessing team advising Smedvig was led by corporate partner Tom Cartwright, and included corporate associates Adela Solomon and Cian Farrell.
Suso was advised by McClure Naismith.
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For more information please contact Sarah le Cheminant at Taylor Wessing:
Tel: +44 (0)20 7300 4930
Email: s.lecheminant@taylorwessing.com
Taylor Wessing LLP is a leading law firm providing legal support for commercial organisations doing business in Europe. Based in Belgium, France, Germany and the UK, Taylor Wessing provides the full range of legal services to major corporations and growing enterprises. Taylor Wessing boasts a strong reputation in the corporate, finance and real estate sectors alongside in-depth experience across the full range of legal services including intellectual property and technology, tax, litigation & dispute resolution, employment & pensions and private client.
Smedvig Capital
Smedvig Capital is a London based private equity firm that has been instrumental in the growth of over 30 businesses since its founding in 1996. Smedvig believes that equity investing should incorporate high levels of involvement and support, working with management on strategy, finance, operational improvements and business development initiatives. The team shares a common background in strategy consulting, with additional experience in operations, start-ups and banking. Other portfolio companies, include ITIS Holdings, now public, the UK leader in provision of traffic information, Lovejuice, a leading UK juice bar chain and Streetcar the UK's leading car club.
Direct investments are usually in UK businesses, from development capital through to small buyouts, equity commitment £2 to £10m. Smedvig Capital is authorised and regulated by the Financial Services Authority.
SUSO Drinks Ltd.
SUSO was founded in 2005 by Harry Drnec to offer greater consumer choice and to specifically tackle the absence of healthy carbonated drinks in the UK's £2 billion fizzy drinks market. In particular, Drnec sought to establish a powerful brand platform coupled with an outstanding juice drink, free from the flavourings and colourings found in an alarming quantity of established carbonated drinks for teenagers and young adults, but which provided the same degree of refreshment, fun and quality of taste. In part it was a response to the increasing lack of relevant brands and movement away from unnatural product enhancements, which is currently causing falling sales in some popular fizzy drink brands as juices, and smoothies take over. With this prevailing trend towards healthier eating and drinking, and the absence of any real category innovation and development, SUSO was born.
The senior management team comprises: Chairman Harry Drnec, the former CEO and Chairman of Red Bull UK, COO Andrew King, previously CEO of PJ Smoothies, and Commercial Director Jamie Farrell, the UK Commercial Director for L'Oreal.