Konvoy Kegs, which operates in Australia’s biggest beer markets, has raised about $30 million in fresh capital. Mr Trippe-Smith says it’s likely to be its biggest month ever, with a number of hospitality venues reopening in the country.
Konvoy is a leading indicator business because it helps alcoholic drink producers get their kegs filled before they are transported to bars.
Producer John Richardson said that the market is going gangbusters. He noted that demand has returned after Sydney was reopened following a lengthy lockdown.
Konvoy has raised another $30 million in funding, exceeding its initial target.
The business is owned by private equity groups Five V Capital, Aquasia, and Ellerston Capital.
Tom Gorman, the former chief executive of Brambles, is also a shareholder in Boral.
The group is also planning on entering the European Union and the US. Germany is its target market as about 1500 beer producers own their own kegs.
The company had a rough August and September due to lockdowns in Sydney and Melbourne. However, July was saved by a strong New Zealand economy.
Konvoy’s kegs are made of steel and has a rectangular base that’s connected to the top of its kegs. It uses a device that tracks the beer’s temperature and reports back to the user.
Mr Trippe-Smith said that his company was already working with a number of companies, and that it would like to expand to include anyone that owns a keg.
Boral‘s CEO Nikola Todorcevski is still chairman of Konvoy despite being the majority owner of the company.
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