Investee Company – Steribottle Ltd (UK)
Investee Company Business Type – Produces pre-sterilised disposable baby bottles
Type of Financing – Development
Equity Providers – ProVen Private Equity Ltd
Equity Leader (Individual) – Chris Allner, ProVen Private Equity Ltd
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – £2.5 million
Total Deal Value – £2.5 million
Other Advisors – N/A
Comments – ProVen Private Equity has announced a £2.5 million backing of Steribottle Ltd, the pre-sterilised baby bottle company which is owned by parent group Baby Innovations SA. Following the completion of the round, Chris Allner, investment director at ProVen Private Equity was appointed as a non-executive director of Steribottle.
Founded in 1998 by Christ Mallet, Graeme Hossie and Nick Salaman, Steribottle was initially developed from the belief that a need existed for an infant-feeding product that would allow parents to feed their baby from ready-sterilised, single use bottles.
The bottle and teat of a Steri-bottle® are designed to be 100% recyclable and come supplied with their own film wrap in packs of four which ensures complete sterilisation.
Steri-bottle first launched at Boots the chemist and is currently gaining listings in major retail multiples in the UK and Europe. Market research conducted for the Steri-bottle® has indicated a potential global market in excess of £1 billion.
Chris Allner of ProVen Private Equity commented: “ProVen is delighted to collaborate with Steribottle Ltd, as we feel that they have an innovative concept that could transform the worldwide consumer market, as did the disposable nappy business.”
ProVen Private Equity has recently become part of the Beringea group of companies which has offices in London, New York, Los Angeles and Michigan and is affiliated with CIM in Helsinki.