Non-alcoholic spirits giant Lyre’s has tapped an investment banker to lead fundraising efforts and target mergers and acquisitions opportunities to drive its global growth.
The group, which presents itself as “the world’s leading non-alcoholic spirits brand”, has appointed Roscoe Roman, a former investment banker at Citigroup and Credit Suisse, as chief investment officer.
He will be primarily responsible for managing the next major private growth fundraising in 2022, which is expected to be the largest in the low- and non-alcoholic spirits category. This will build on the £20m round completed in November 2021, which valued the business at £270m.
Lyre will target capital from new and existing investors to leverage the group’s business footprint, which currently spans 63 countries, drive growth in established markets and capitalize on its first-mover advantage in key regions such as the Middle East, the Far East and Asia. Minor.
Longer term, he will be responsible for leading its “inorganic growth strategy” – targeting external opportunities created by its global presence, distribution relationships, e-commerce capabilities, scale of production and product development capabilities. .
He will also establish investor relations and shareholder reporting functions for the group’s shareholder base, which includes Morgan Creek Capital Management and D Squared Capital.
Roman was most recently a director at Citigroup, responsible for covering clients, among other sectors, in ingredients and industrials, and managing the bank’s relationship with Lyre’s.
Prior to Citigroup, he worked at Credit Suisse in London, before joining alternative asset manager Apollo Global Management, where he was responsible for a range of investments.
“Having worked with Lyre’s at Citigroup, Roscoe knows our business extremely well, so we are delighted that he has decided to make the leap from investment banking to help us solidify our leadership position in this growing consumer category. fast,” said Mark Livings. , co-founder and CEO of Lyre.
“Roscoe has exactly the expertise required to help drive the next phase of growth and ultimately support our mission to make our company a global leader in the beverage industry.”
Roman added, “I believe Lyre’s is the premier platform to meet the growing demand for healthier, tastier and sophisticated adult beverages.
“Lyre’s is the only truly global player in the category able to offer customers truly enjoyable alternatives to alcoholic beverages at home and in bars and restaurants. My conviction is reinforced by my decision to become a significant shareholder of Lyre’s.
In December 2021, Livings told The Grocer that the brand was on track to be the fastest independent beverage brand to achieve “unicorn” status at a $1 billion valuation.