Bubble Holdings, LLC has made a notable investment in Zevia PBC by acquiring 15,000 shares of Series A Preferred Stock for $15 million, with plans for an additional $5 million investment contingent on performance criteria. This acquisition represents a 16.1% stake in Zevia, a company focused on producing beverages with a commitment to health and sustainability.

This strategic investment is significant not only for Bubble Holdings but also for the broader bottled and canned soft drinks industry. The deal underscores the growing interest in health-conscious beverage options, as consumers increasingly seek alternatives to traditional sugary drinks.

Background

Bubble Holdings, LLC, incorporated in Delaware, is an investment firm focused on purchasing, holding, and selling securities for investment purposes. The company recently filed a Schedule 13D with the SEC on October 29, 2026, detailing its acquisition of shares in Zevia PBC, which is classified under the SIC code for Bottled & Canned Soft Drinks Carbonated Waters.

What the Filing Says

The SEC filing indicates that Bubble Holdings acquired 15,000 shares of Series A Preferred Stock for $15 million and has the option to purchase an additional 5,000 shares for $5 million, contingent upon Zevia achieving specific financial metrics, including net sales of at least $172.5 million for 2026.

The filing states, "Bubble Holdings agreed to invest up to $20 million, purchasing 15,000 preferred shares for $15 million at the initial closing and potentially another 5,000 shares for $5 million at a deferred closing." This investment strategy allows Bubble Holdings to maintain a significant influence over Zevia's operations.

Impact

This investment may affect various stakeholders, including existing shareholders of Zevia, as Bubble Holdings will have the right to designate a director to Zevia's board while holding a substantial number of preferred shares. The investment also positions Bubble Holdings and its affiliates, including GP Investments, Ltd. and GP Cash Management, Ltd., as key players in the beverage sector.

What's Next

The filing does not specify what happens next, but it indicates that Bubble Holdings may waive certain financial conditions to expedite the additional investment. This flexibility could lead to further developments in Zevia's growth strategy and market positioning.