Tractor Beverage Company, one of North America's fastest growing beverage brands, announced it will raise $60 million in growth funding and has agreed to enter into a long-term, exclusive sales arrangement with Keurig Dr Pepper in the foodservice channel. Keurig Dr Pepper is the lead investor in the funding round, which will support Tractor's plans to expand its infrastructure and marketing efforts and to grow the brand's awareness among younger, health-conscious consumers.
Tractor is a Certified Organic, non-GMO full-line beverage solution tailored specifically for foodservice operators. This strategic partnership combines the national and regional foodservice sales strength and reach of Keurig Dr Pepper with Tractor's product, production and marketing capabilities, making organic beverages a more accessible option for consumers nationwide. The transactions are subject to customary closing conditions, and terms of the deal were not disclosed.
Kevin Sherman, Tractor Beverage CEO, said, "We are thrilled to announce this investment from Keurig Dr Pepper to accelerate the realization of Tractor's mission to be the foodservice industry's 'better-for-you' beverage solution. We believe this partnership will enable us to solidify our product leadership while leveraging the strength of Keurig Dr Pepper's powerful distribution system to scale our influence in the foodservice industry.
‘From the start, it's been our goal to be a catalyst for a more accessible and sustainable food system. We believe business is one of the most powerful levers for meaningful change, and we're thrilled to partner with Keurig Dr Pepper and work hand-in-hand to provide consumers with premium options when dining out of home."
Derek Hopkins, president, Cold Beverages, at Keurig Dr Pepper, added, "Consumers continue to seek new beverage options and experiences when they are enjoying their meals. We have built strong brands and relationships in the restaurant space, and this strategic partnership with Tractor Beverage complements our beverage portfolio and supports our commitment to deliver innovation and develop growth strategies with our customers. We're excited to work with the entire Tractor team to provide customers with flexible innovation that delivers great-tasting, clean-label beverages."