Owner of the popular bubble tea brand Tealive is taking a 35% percent stake in a kombucha drink, WonderBrew in what seems like a move to extend its product offering in the coming days.
Loob Holdings which operates Tealive in Southeast Asia is making a strategic investment to grow its beverage portfolio after dominating the bubble tea market.
WonderBrew, is a home-grown lifestyle beverage brand that specialises in kombucha (fermented tea) and is owned by Wonder Group Sdn Bhd which can be found specialty coffee bars at over 700 locations.
This private deal for an undisclosed sum was completed within weeks of the entry of private equity fund Creador into Loob itself with a 30% stake purchase.
Loob founder and CEO Bryan Loo said the strategic stake came at the right time as WonderBrew had been consistently outperformed general market conditions, with sales having doubled in 2020 and again this year, despite the pandemic lockdown.F
founders Joseph Poh Wen Xian and Loke Boon Eng (Boon) started the brand on a small scale in 2018 offering what they call “authentic and naturally-bubbly fermented tea with local flavours” which is quite popular among health-conscious consumers.
“We saw in the founder’s Joseph and Boon, the same flame of entrepreneurship that we have. Our entry is to take it regionally and accelerate its touchpoints for all channels,” said Loo.
Plans are already afoot to accelerate the touch points for kombucha across all channels and to increase production capacity five-fold.
Other than the physical locations in grocery stores, convenience stores, cafés, bakeries, restaurants, petrol stations, hotels and vending machines, WonderBrew is also available for online delivery via their official website and through GrabFood, Air Asia Food and ShopeeFood.