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Reed's, Inc.
Company typePublic
AMEX: REED
Russell Microcap Index component
IndustryBeverages, Soft Drinks
Founded1989; 35 years ago (1989)
FounderChristopher J. Reed
HeadquartersNorwalk, Connecticut
Area served
North America
Key people
Norman E. Snyder
(CEO, Director)
Christopher J. Reed
(CIO, Founder)
John Bello
(Chairman)
RevenueDecrease US$33.820 Million[1]
(FY 2019)
Number of employees
28[1]
(Dec 2019)
Websitedrinkreeds.com

Reed's, Inc. is an American soft drinks company which manufacture ginger-based soft drinks, including ginger ale and ginger beer. The company was founded by Christopher J. Reed in 1989. It was originally based in Los Angeles, California but moved its headquarters to Norwalk, Connecticut in September 2018.[2]

History

Reed developed his first ginger beverage in 1987, after researching the health benefits of ginger.[3] In 1999, Reed's purchased the Virgil’s Root Beer brand from the Crowley Beverage Company. In 2001, Reed incorporated as Reed's Inc. with himself as the initial director.[4]

On October 11, 2006, Reed’s Inc. became a public company.[5] As of 2018, Reed’s portfolio is sold in over 30,000 retail stores in the United States.[6][7] The company reported $37.7 million in net sales in 2017.[4]

Organization

In 2016, John Bello joined the board of directors as chairman.[8] Bello is the founder and former CEO of South Beach Beverage Company, the maker of teas and juices marketed under the SoBe brand name.

Christopher Reed resigned as CEO in April 2017, then moved to the newly created Chief Innovation Officer position. An interim CEO served from then until June 2017.[9] Valentin Stalowir, a former executive at The Coca-Cola Company, Yum! Brands, and Quaker Oats, temporarily filled the vacancy as CEO in June 2017 until September 2019 when John Bello temporarily assumed the position from September until February 2020 when Norman E. Snyder permanently took the position. Valentin Stalowir entered into a separation agreement which activated Halloween of that prior year.[1]

In January 2018, Reed’s Inc. put its Los Angeles warehouse, production, and corporate office facility up for sale and plans to complete the sale by the end of the year.[6] Chris Reed managed to obtain additional financing and spun the Los Angeles facility and its contract bottling off as California Custom Beverages Inc.[10]

The Reeds Inc company focused on ginger beverages moved its corporate headquarters to Norwalk, Connecticut in 2018. Reeds Inc. appointed several new executives, naming Iris Snyder as chief financial officer, Philip Trotman as director of marketing, and Beth Brown as director of supply chain and procurement.[11] Lindsay Martin, the daughter of John Bello, joined Reed’s as vice president of marketing in January 2018.[12]

Products

Reed’s streamlined its product offerings in 2017 and 2018 from over 100 SKUs to approximately 28, focusing on the Reeds and Virgil’s lines.[9]

Reed’s Ginger Beer line includes five flavors: Original Ginger, Extra Ginger, and Strongest Ginger. The company also produces two “Zero Sugar” ginger beers: Zero Sugar Extra Ginger and Zero Sugar Strongest Ginger. The beers are marketed by the “intensity” of their ginger taste with more intense flavors containing more ginger. Each bottle contains between 17 and 39 grams of ginger.[9]

The Virgil’s line includes 10 products: Virgil’s Root Beer, Vanilla Cream, Black Cherry Cream, and Orange. Virgil’s Zero Sugar products, launched in 2018, include Root Beer, Vanilla Cream, Black Cherry Cream, Orange, Lemon-Lime, and Cola. Virgil’s Zero Sugar products are sweetened with stevia.

Reed’s has limited distribution of its Flying Cauldron Butterscotch Beer. The company also produces Reed’s Ginger Candy and Reed’s Crystallized Ginger.

Past products not currently offered by the company include Future Cola, Sonoma Sparklers, Dr. Better products, Culture Club Kombucha, several ginger beer flavors, including raspberry, cherry, spiced apple, and premium ginger, Reed’s Natural Energy Elixir, Virgil’s Bavarian Nutmeg, Reed's Nausea Relief, Reed's Ginger Ice Cream, Reed's Ugly Ginger Candy, and Reed's Ginger Potatoes.

Reed's, Inc. products are sold in many retail outlets, including Whole Foods Market, Trader Joe’s, Cost Plus World Market, Sprouts Farmers Market, Natural Grocers, Earth Fare, Kroger, Safeway, Publix, Stop & Shop, H.E.B., and Wegmans, as well as convenience and drug stores and warehouse chains, including CVS Pharmacy, Rite Aid, and Costco Wholesale.[9]

In 2021, Reed's began selling its Real Ginger Ale Original, Virgil's Handcrafted Root Beer, and Virgil’s Handcrafted Dr. Better in resealable plastic bottles.[13]

Notable events

Reed's Spiced Apple Brew has won the "Outstanding Beverage Finalist" at the National Association for the Specialty Food Trade.[14] Reed's Original Ginger Brew has won the "Outstanding Beverage Finalist" from the National Association for the Specialty Food Trade.[14] Reed's Original Ginger Brew has won the "Best Imported Food Product" from the Canadian Fancy Food Association.[14]

Virgil's Root Beer won the "Outstanding Beverage" award at the International Fancy Food and Confection Show in 1994, 1996 and 1997.[14]

Reed's Inc. was selected by WholeFoods Magazine as the Runner Up Beverage Company in the Natural Choice Awards of 2010 and 2011.[15][16]

In 2013, Reed’s, Inc. announced that it would be labelling all of its products as GMO-free.[17]

See also

References

  1. ^ a b c "Reed's, Inc., Form 10-K, Annual Report, Filing Date March 18, 2020". secdatabase.com. Retrieved August 25, 2020.
  2. ^ Soule, Alexander (12 September 2018). "Root beer maker IDs new Norwalk headquarters". TheHour.com. Retrieved 18 December 2018.
  3. ^ Flores, Adolfo (April 8, 2013). "Reed's nears profitability amid thirst for healthful drinks". Los Angeles Times (Newspaper). Archived from the original on April 9, 2013.
  4. ^ a b Stalowir, Valentin (April 2, 2018). "Annual Report 2018". SEC.
  5. ^ Clifford, Stephanie (February 1, 2008). "The Don't-Do-It-Yourself IPO". Inc.com. Retrieved September 13, 2022.{{cite web}}: CS1 maint: url-status (link)
  6. ^ a b "Reed's Virgil's Rebrand Bolsters Q3 Earnings". BevNet.com. 16 November 2018. Retrieved 18 December 2018.
  7. ^ "REED'S INC". FoodChain. Retrieved September 13, 2001.
  8. ^ "John Bello Named As Nominee For Reed's Inc. Board Chairmanship". BevNet.com. 27 October 2017. Retrieved 18 December 2018.
  9. ^ a b c d "Reed's, Inc., Form 10-K, Annual Report, Filing Date April 2, 2018". secdatabase.com. Retrieved December 13, 2018.
  10. ^ https://www.globenewswire.com/news-release/2019/01/03/1680085/0/en/Reed-s-Inc-Announces-the-Sale-of-Los-Angeles-Facility-Completing-Transformation-Plan-Initiatives.html Globe News Wire: January 3rd, 2020: Reed's Inc Announces the Sale of Los Angeles Facility Completing Transformation Plan Initiatives
  11. ^ "Reed's Inc. Announces Strategic Changes to Fuel Future Growth". Reed’s. 31 July 2018. Retrieved 18 December 2018.
  12. ^ "Officers & Directors". Reed’s. Retrieved 18 December 2018.
  13. ^ "Reed's Resealable 20-Ounce Bottles". Convenience Store News. Retrieved 2022-04-01.
  14. ^ a b c d "Reed's Inc". Reedsgingerbrew.com. Archived from the original on 15 August 2012. Retrieved 17 August 2012.
  15. ^ Staff, WholeFoods Magazine (29 March 2010). "Natural Choice Awards 2010 - Whole Foods Magazine". Retrieved 13 January 2017.
  16. ^ http://www.wholefoodsmagazine.com/grocery/features/2011-natural-choice-awards 2011
  17. ^ "Reed's Announces GMO-Free Labeling". cspdailynews.com. 24 September 2013. Retrieved 18 December 2018.
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