Almond milk alternative brand Califia Farms is looking to expand globally to meet the growing demand for plant based equivalent products.
The company this week announced news of a $15 million investment from finance company CapX Partners to give the funds for further expansion of its production capacity. This means the milk brand will now be able to triple its output as consumer demand continues to grow.
Richard Bollinger, CapX Partners Managing Director, said: “CapX enjoys working with strong leaders and growing companies. Califia Farms is a familiar household brand, recognised as a market leader across multiple categories.”
Califia Farms CFO, Demir Vangelov, said: “In order to meet the growing demand, we needed to build two new production lines, which required a significant investment and has resulted in tripling our output capacity at our Bakersfield plant.”
The company has a mission statement to become “the plant based company of the future” and already had a $50 million injection of cash in 2015.
A report earlier in the year showed that there were big times ahead for almond milk, which is expected to grow by 15 per cent CAGR by 2022.