Vessl Announces Canadian Expansion and $10 Million Transaction With Beacon Hill Brands
TEMPE, Ariz., July 23, 2020 /PRNewswire/ -- Vessl, Inc., a company dedicated to reducing plastic waste and re-defining eCommerce for a sustainable future, today announced the closing of an investment by Beacon Hill Brands, Inc., of $3 million in Vessl's Series B preferred stock and $2 million in Vessl's subsidiary Virdi, LLC. Beacon Hill Brands contributed an additional $5 million for rights to distribute Vessl's Tea of a KindTM brand in Canada and rights from Virdi to distribute the patented Vessl closure in Canada for certain applications including its use on the Kalvara beverage and other specialty, medicinal, and CBD beverages. Tea of a Kind is a line of all-natural, preservative-free, fresh ready-to-drink teas and yerba mates powered by the patented Vessl closure.
Walter Apodaca, Vessl's CEO, stated, "We considered many different opportunities before we were confident we had found an investor and distributor that would bring more than just capital, but also offered a strategic opportunity to grow our business. The individuals behind Beacon Hill Brands have a proven track record of building brands and we expect that combining our patented Vessl closure with their marketing expertise will make Tea of a Kind, Kalvara, and other Vessl-powered brands household names in Canada."
Vessl's patented closure is a recyclable dosing and delivery device in the form of a bottle cap that allows for the storage of all-natural concentrated ingredients in a pressurized and oxygen-depleted environment, which protects the contents against the damaging impact of UV light, oxidation and other conditions that degrade function, freshness, color, aroma and antioxidants in a range of products, including beverages, beauty products, and household chemicals. Vessl's closure allows for the elimination of the disposable bottle paradigm and the delivery of products in its closure via eCommerce rather than in bulky, heavy, and environmentally unfriendly large bottles.
Beacon Hill Brands Inc. is a company based in Toronto, Canada, started by a team of seasoned packaged goods and beverage executives known for their acquisition of the rights to Dream Water in Canada. The group accelerated growth of the brand and acquired the U.S. parent company for $12.5 million, and then sold the global brand in 2019 for $45 million after only three years. "We quickly recognized the tremendous opportunity that the innovative and eco-friendly Vessl technology offered for us to leverage our knowledge of the Canadian market and create a diverse range of high-quality, all-natural solutions. This includes the Tea of a Kind, Kalvara and the forthcoming PotShot™ and Dosable™ brands," commented Stephen Dick, Beacon Hill Brands founder and CEO. "Vessl™ is the only closure that can deliver a precise and highly efficacious dose of virtually any functional ingredient to the consumer every single time," said Dick.
About Vessl, Inc.
Vessl, Inc. (www.vesslinc.com) is a privately owned company based in Tempe, Arizona, dedicated to eliminating the disposable bottle paradigm and re-defining eCommerce. Vessl™ owns the worldwide, exclusive rights to the patented Vessl™ closure and delivery device that allows the delivery of fresh ingredients without the need for artificial preservatives and protects against degradation. Vessl™ sells its Vessl™ closure for various proprietary and third-party applications around the world, including its own Tea of a Kind (www.drinkteaofakind.com), as well as its subsidiary Virdi, LLC's Kalvara brand (www.kalvara.com), and other alcohol and non-alcohol beverages, cosmetics, and household cleaner brands. Contact Daniel Montoya, Chief Operations Officer, at (949) 678-7338 or [email protected] for further information.
About Beacon Hill Brands Inc.
Beacon Hill Brands Inc. (www.beaconhillbrands.com) is a privately owned Canadian company based in Toronto, Ontario. Beacon Hill is focused on developing, marketing and distributing functional, nutraceutical and medicinal beverages utilizing the extraordinary patented Vessl™ closure technology. Vessl closures allow for the instant and precise delivery of fresh ingredients without the need for artificial preservatives. Vessl™ delivers industry-leading shelf life and shelf stability while protecting against the degradation of key ingredients. Currently, Beacon Hill is rolling out multiple Tea of a Kind skus including antioxidant and yerba mate teas, immune boost, sport recovery and sleep remedy shots. Contact Honor McLachlin, General Manager, at (416) 567-3294 or [email protected].
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SOURCE Vessl Inc.
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