Icelandic Glacial Closes $40M Equity Funding

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Icelandic Water Holdings ehf, makers of Icelandic Glacial, a carbon neutral natural spring water, formally closed a $40 m equity funding from new and existing investors.The funding consisted of the conversion of $28m of existing loans and the infusion of $12m in new capital.As a result of the new funding and recapitalization, the company’s shareholder and U.S. distribution partner, Anheuser-Busch InBev has converted its debt and raised its ownership in the company to 23.3%.Icelandic Water Holdings is led by chairman and co-founder Jon Olafsson.FinSMEs 26/05/2011

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