APR Pty Ltd Raises $5 Million To Fund Expanding Everlast Branded Products
- Written by Tim Fogarty
Australian Product Research Pty Ltd Raises $5 Million To Fund Expanding Everlast Branded Products in Australian Market
Australian Product Research Pty Ltd (“APR” or “Company”), a fast growing beverage company is pleased to announce the successful capital raise of $5 million in order to fund its growth and expansion of two new, exciting products for the Australian market: Everlast Premium Waters and Sports Drinks.
APR acquired the exclusive license to manufacture and distribute beverage products under the world renowned Everlast brand. This agreement was successfully completed by the APR board, led by the chairman James van der Meer and CFO David Whitford. The business has a current product range of water products that are distributed internationally across over 10,000 retail outlets. Everlast is an iconic American brand born out of the Bronx in New York in 1910 and made famous by Muhamad Ali, active in the boxing, mixed martial arts and fitness industry. Everlast products are sold across 75 countries and they exceeded USD$1 billion sales.
APR is the first in the world to market with an Everlast branded water and sports water and hold exclusive first rights to export. APR holds the official rights to manufacture and sell Everlast beverage products in Australia and New Zealand with the option to distribute or sub-license in other regions and countries.
The $5 million raised exceeds the initial capital sought by APR by $3 million (an oversubscription of 66%) and is one of the largest unlisted capital raisings in Australia within the last 12 months. The additional $3 million in funds raised will allow APR to build a bottling facility in NSW, which will provide at this time, a much needed economic boost and new employment opportunities, during both construction and then the ongoing production phase.
The funds will be invested over a period of 12 months in stages and the first instalment has been made.
Water and near waters is the fastest growing beverage segment in the world, with the water market in Australia valued at circa $780 million in revenue per annum and growing at circa 3% per annum. APR already has a current range of bottled water products, which has been rebranded to the iconic Everlast brand. Everlast Isotonic Sports Drinks, have been exclusively formulated for the Australian market by APR.
APR has an experienced executive and board team committed to this project with all the skills necessary for success as well as the connections required for successful distribution. APR CEO, John Leeder has extensive experience in the beverage industry, including 10 years experience as a Senior Manager at Coca-Cola Amatil.
John Leeder, CEO of APR commented:
“This has been a fantastic process and a great result with the assistance of STAX and Apollo League in the capital raising stakes. A true partnership has been built between APR and Stax in the negotiations which was completed by David Mead (APR Director), Kenny Lee (STAX CEO) and Simon Ward from Apollo League to bring this collaboration to life. We have certainly exceeded our funding ask and our investors are the right partners to help us grow this business.
Risk is always an inherent part of any product launch into a new market. However, we believe that this risk is greatly mitigated by the fact that the Everlast brand already enjoys significant recognition in the Australian market.
This is good news for a product looking to establish itself in the psyche of consumers, since its parent brand has already gained the trust and respect of the local market. This will prove a significant advantage for Everlast’s beverage products as we seek to gain market share.”
Distribution was launched in December 2019 in Perth, and since the beginning of 2020, APR has seen 100% uptake from distributors gained in major cities such as Melbourne, Sydney, Brisbane and Adelaide.
The equity financing was jointly arranged by two emerging Australian fintech businesses STAX and Apollo League.
Together, STAX and Apollo have entered into an exclusive alliance to jointly offer the Australian market a powerful and unique fundraising solution combining massive investor distribution with a recruitment and leadership solution.
About Advanced Product Research Pty Ltd
Australian Product Research Pty Ltd (“APR”) is an Australian beverage company with an exclusive license to manufacture and distribute water and sports beverage products under the world renowned Everlast brand. The business has a current product range of water products that are distributed internationally across over 10,000 retail outlets.
About Everlast Worldwide, Inc
Everlast is an iconic American brand born out of the Bronx in New York in 1910 and made famous by Muhamad Ali. Everlast Inc sells boxing, mixed martial arts and physical fitness-related clothing, footwear, and accessories. Its products are sold across 75 countries with global sales in excess of $1 Billion per annum.
STAX operates a fintech platform that democratises access to investment opportunities through the power of technology. Through the platform and through the strategic partnerships they have established, investors are able to use fiat or selected digital currencies to invest in projects looking to raise capital. Stax also has a crowd sourced equity funding license (CSEF) for businesses looking to raise smaller amounts.
About Apollo League
Apollo League is an online platform connecting companies seeking funding and leadership with “smart capital” – these are strategic investors who put money into businesses and join the team as executives, board members or advisers.