A Nestlé unit has acquired a reported 18% stake in New Zealand-based kiwi juice maker Vital Foods, previously backed by the Switzerland-based food conglomerate’s corporate venturing company Inventages.
Nestlé Health Science bought a stake in Vital, which the Swiss conglomerate first backed through its corporate venturing affiliate Inventages in 2005. Although Nestle declined to disclose details, news provider Dow Jones said the latest stake was 18%
Nestlé first bought part of the company in 2005, following a $4m investment by BioPacificVentures, a venture fund backed by Nestlé’s Inventages, as well as agricultural research company AgResearch and New Zealand venture firm Direct Capital, according to news provider The Independent.
The Independent added BioPacificVentures subsequently backed the company with $7m. This means before the latest investment the company had raised at least $11m.
Luis Cantarell, chief executive of Nestlé Health Science, said: "We are very pleased to have a stake in Vital Foods. Their products align strongly with Nestlé Health Science’s commitment to science-based nutritional solutions for gastrointestinal health."
Formed in 1991, Vital Foods has two "well-established" products Kiwi Crush and Phloe, which both contain kiwis, a fruit the company said had been shown to be "clinically effective" against constipation.