Australia: Reliance Consumer Products to acquire majority stake in Nexba

Reliance Consumer Products Limited (RCPL), the FMCG arm of the Indian conglomerate Reliance Industries, has reached an agreement to acquire a controlling 75% stake in Goodness Group Global, the Australian parent company of functional drinks brand Nexba.

The deal is valued at approximately A$25.4 million ($16.6 million), according to documents shared with the company’s crowdfunding shareholders. The investment marks a significant milestone for Goodness Group Global as it seeks to scale its “better-for-you” portfolio globally. Nexba, known for its “naturally sugar-free” kombucha and soft drinks, utilizes a proprietary plant-based sweetener called Goodsweet to replace sugar and artificial ingredients.

The acquisition follows a period of rapid international expansion for Nexba, including a recent distribution boost with Tesco in the UK.

Commenting on the group’s trajectory prior to the deal, Nexba International CEO Dave Wallwork stated: “Nexba is a strong brand, meeting fast-growing trends. With investment in local, sustainable production, I see us scaling fast with products that are good for you and good for the planet”.

The transaction remains subject to final completion following a shareholder vote.

Source: The Grocer / VentureCrowd