The transaction also includes Daily's brand of alcoholic cocktail drinks and mixers
Harvest Hill Beverage Company has agreed the acquisition of American Beverage Corporation (ABC) from Wessanen in a deal worth $55m.
The acquisition includes fruit juice brands such as Little Hug, Big Hug, Fruit Barrels and Guzzler, as well as the Daily’s brand of alcoholic cocktail drinks and mixers; it makes Harvest Hill one of the largest independently owned juice companies in the US. Subject to regulatory approval, the transaction could be completed by the middle of this year.
Harvest Hill chairman Henk Hartong said: “We are pleased to announce the acquisition of American Beverage Company. The Little Hug brand provides Harvest Hill with an entry into the sizeable juice drink category. The addition of Little Hug to our retail juice portfolio enables Harvest Hill to participate in all segments of the juice aisle, strengthening our position with our retail partners. We are also excited about the company’s Verona, Pennsylvania and Phoenix, Arizona manufacturing facilities as they will provide Harvest Hill with additional production flexibility.”
Ian MacTaggart, president and COO of Brynwood Partners, which owns Harvest Hill, said: “On behalf of Brynwood Partners and Harvest Hill, I would like to express my sincere gratitude to the Wessanen and ABC teams for working with us on this pending transaction. This marks Harvest Hill’s first strategic add-on acquisition since we established the company only eight months ago. A significant investment for our firm, Harvest Hill’s acquisition of ABC highlights Brynwood Partners’ dedication and commitment to this investment platform as we continue to build upon a leading US beverage franchise.”
© FoodBev Media Ltd 2024