L Catterton, an American private equity firm backed by French luxury giant LVMH, has invested in a Chinese plant-based beverage company named Viee, according to a company announcement on Wednesday.
The companies did not disclose the size of the investment. The deal will help Viee expand its presence across the country, as most of its foothold lies in Western China.
Founded in 1992 in China’s Sichuan province, Viee produces plant-based beverages predominantly from peanuts, walnuts, soy milk, and oat milk. The market demand for such healthy products made with natural ingredients has been on the rise, particularly among Gen Z consumers, the company said.
“Viee has a large and growing base of loyal customers in a sizable and resilient category in Southwestern China,” said Scott Chen, a managing partner in L Catterton’s Asia fund, in the statement. “Earnings have been on a clear uptrend and hit a record high in 2023, attesting to consumers’ enduring demand for Viee through market cycles.”
Some of L Catterton’s current and past investments in the beverage brand space include Chi Forest, Glaceau Vitaminwater, Heytea, Innis & Gunn, Odwalla, Remedy, and Sweet Leaf Tea.
L Catterton is a consumer-focused investment firm, managing approximately $35 billion of equity capital across private equity, credit, and real estate. The firm has made more than 275 investments in leading consumer brands globally.
A few months ago, L Catterton acquired a majority stake in Italian cosmetic brand KIKO Milano. Last year, the investment firm led a $27 million investment round in Trautec Medical Technology, a synthetic collagen developer based in China.
