Private equity firm Manna Tree has made a majority investment in Zambezi, the Culver City-based indie advertising agency that propelled El Segundo’s Liquid I.V. to a billion-dollar electrolyte drink mix brand.
Manna Tree, based in Denver, invests primarily in health and wellness companies, including Good Culture, Gotham Greens and Plant People. The firm worked with Zambezi for four years to market kombucha brand Health-Ade, a former Manna Tree investment, and is now betting higher on the agency’s knack for growing consumer brands.
“We know that great companies require more than capital to scale – they need to be the best brand in the marketplace,” said Ross Iverson, co-founder and managing partner at Manna Tree, in a news release. “The Zambezi team brings world-class expertise in storytelling, consumer engagement and brand building that will strengthen how we help companies grow.”
Sports ties a strong draw
Founded in Venice in 2006, Zambezi has made a name for itself as an independent shop punching above its weight. Among its big-name clients are Club Pilates, the NFL, ESPN and Under Armour.
Zambezi’s sports ties were of particular value to Manna Tree, said Ellie Rubenstein, another of the private equity firm’s co-founders and managing partners, as wellness brands look to tap sports audiences to build brand awareness and direct consumer relationships.
“Zambezi’s deep expertise in this space … provides a clear pathway into these high-impact consumer touchpoints for not only our portfolio companies but high-potential health and wellness brands across the broader market,” Rubenstein said in the release.
The independent ethos and management team that built Zambezi will remain intact, with chief executive Jean Freeman, who took over the role in 2017, at the helm. The agency will continue to uplift brands by helping them participate in culture, Freeman said, not just market to consumers.
