- Australian beverage company Founders First (FFL) has entered a trading halt ahead of a capital raise announcement
- Yesterday, the company announced that through its innovation arm, Torquay Beverage Company, it launched the NoSh Boozy Seltzer range
- From October, NoShBoozy Seltzer will be sold in over 500 retail liquor stores across five states – this includes 300 BWS and Dan Murphy stores
- In addition to the upcoming capital raise, Founders First secured a $7.5 million debt facility with Pure Asset Management on August 31
- Founders First sees the funding as highly beneficial to its growth strategy and goals
- Company shares last traded for 40 cents on Wednesday, September 2
Founders First (FFL) has entered a trading halt ahead of a capital raise announcement.
The company will remain in a trading halt until the earlier commencement of trading on Monday, September 7, unless the capital raise is announced earlier.
Founders First is an Australia-based beverage company that invests in early and mid-stage brewery and distillery businesses.
Yesterday, the company announced that through its innovation arm, Torquay Beverage Company, it launched NoSh Boozy Seltzer.
Hard seltzer and soda is an emerging category in Australia and expected to disrupt the liquor market as more and more consumers seek out healthier beverages.
From October, NoShBoozy Seltzer will be sold in over 500 retail liquor stores across five states. Under this, the brand will be stocked in 300 BWS and Dan Murphy stores, as well as 200 independent liquor retailers.
Founders First acknowledges it completed this launch through a capital-light structure and in a relatively short time frame.
“From idea to launch in less than six months is a great achievement in anyone’s language. It’s great to have the endorsement of Dan Murphy’s, BWS and the independent channel to bring NoSh to life. We see a lot of potential for this brand on-premise as well,” CEO and Managing Director Mark Haysman said.
In addition to the upcoming capital raise, Founders First secured a $7.5 million debt facility with Pure Asset Management on August 31.
The company claimed the debt funding would go towards supporting its business model and growth prospects.
“We see significant opportunity for further consolidation in the craft industry and to ensure we are well capitalised to realise these opportunities is critical. We see this as a long-term partnership that is critical to unlocking our growth ambitions,” Mark said at the time.
Company shares last traded for 40 cents on Wednesday, September 2.