Investment firm True has acquired a majority financial stake in energy drink, Sneak, for an undisclosed sum in its latest bid to expand to its health and wellbeing portfolio.
The deal marks the first investment from the retail expert’s Fund three, which is set to support Sneak co-founders Jonny Teeling and Will Pierce as they expand their distribution channels and investigate retail options.
According to True, it expects the direct-to-consumer business to generate £30 million in sales over 2022 following a growth of 200 per cent in the last three years.
The company reports that it will also be accelerating the energy drink business’s international expansion from its current consumer base, of which over 50 per cent is based in the UK and over a third in the US.
The investment comes as part of True’s recent additions of “disruptive” brands to its name including The Cotswold Company, food company Soulfresh, kidswear retailer Frugi and UK cycling label Ribble.
The news follows the firm’s recent announcement of its £275 million private equity fund and its certification as a B corporation earlier this year.
“Will and I are delighted to have found an investment partner that slots in so naturally to our company,” Sneak co-founder Teeling said.
“They place people and culture at the top of the priority list, which was highly important to us.
“We’re excited to have True alongside us for this next phase of our journey.”
True co-founder and Sneak board member Paul Cocker added: “Jonny and Will have done a fantastic job of bringing a clean, differentiated energy drink to market and creating a brand that truly resonates with Sneak’s core customer base of next generation gamers and creatives.
“We are looking forward to utilising both our digital expertise and our international network across grocery and retail.”