Seltzer hype: PE partners finance sparkling water brand, EQT to buy EdgeConnex, Sky Island, launched by ex-Insight Equity exec, collects $100m for first close on debut

PE firms bet on Waterloo Sparkling Water and Sky Island Capital collected $100 million for the first close on its debut fund despite raising capital during a pandemic.

Morning!

Everyone loves sparkly drinks these days, apparently. (Not me, but over the past year, pink sparkly drinks have been mysteriously appearing in the fridge).

While consumer investments are generally out of favor right now in the downturn, a group of private equity investors joined forces to invest in Waterloo Sparkling Water after an all-virtual process over about six months, writes Karishma Vanjani on PE Hub.

Flexis Capital led the all-equity investment, with other investors including JW Levin Management Partners, Eurazeo and Moore Strategic Ventures. Flexis invests on a deal-by-deal basis.

Read more here on PE Hub.

Top Scoops
Sky Island Capital, formed by ex-Insight Equity partner Jack Waterstreet, collected $100 million for the first close on its debut fund, despite raising during the pandemic downturn, I write on Buyouts today.

Sky Island invests in manufacturing businesses across numerous sectors. Sky Island is one of the few first-timers in the market right now, with LPs generally sticking to their well-established managers.

Read my story here.

Have a great day! Reach me with your thoughts, tips, gossip, whatever at cwitkowsky@buyoutsinsider.com, on Twitter or find me on LinkedIn.