A beverage dispenser firm that makes equipment for the restaurant sector has sold a significant stake in its business to Coca-Cola.
Innovative Tap Solutions (ITS) offers technology that enables consumers to pour their own beverages and increase efficiencies for the hospitality industry.
The product has attracted the interest of CCEP Ventures, the investment arm of Coca-Cola European Partners, which has bought a 25% stake in the business.
The investment is a major boon for founder and CEO Josh Goodman, who set up the business five years ago with one employee focusing on self-pour taprooms dispensing beer, wine and cocktails.
“The market has spoken,” he said. “Customers and business owners love the concept, the efficiency and experience. We’re a liquid-agnostic company that wants to grow in the non-alcoholic space. Our partnership with CCEP ensures that we can continue investing in our technology to scale with the increasing demand.”
Branded Strategic Hospitality, an investment and solutions platform headquartered in New York City, also participated in the investment in ITS alongside CCEP.
The investment will see CCEP work with ITS to introduce self-pour dispense technology to CCEP’s customers in Western Europe, beginning with a trial in Spain.
It believes the equipment will help to cut down queues, reducing the need for unnecessary contact and wait times and freeing up serving staff.
The partnership also represents a further step forward for CCEP’s Action on Packaging strategy, launched three years ago.
CCEP is committed to investing and innovating in refillable and dispensed delivery models to eliminate packaging waste and lower its carbon footprint.
Nik Jhangiani, chief financial officer at CCEP, said: “We are committed to supporting package-free technology and finding new ways to help our customers increase value and provide a better experience to consumers. ITS is an exciting and ambitious business. We are confident we can help them expand successfully into the soft drinks category and grow their presence in Western Europe.”