Brynwood Partners-backed Harvest Hill Beverage Co. is buying American Beverage Corp. for $55 million.
The business is being sold by Wessanen, an Amsterdam-based food business that says it wants to focus on its healthy and sustainable food lines. It also marks the company's exit from U.S.-based businesses.
American Beverage, headquartered in Rye Brook, New York, makes and markets fruit drinks, alcoholic drinks and cocktail mixers. The company owns the Little Hug Fruit Barrels, Big Hug, Guzzler and Daily's brands. The drinks are sold through grocery stores, drugstores, warehouses and liquor stores.
Brynwood created Stamford, Connecticut-based Harvest Hill in June 2014 to buy the Juicy Juice brand from Nestle USA Inc.
The Greenwich, Connecticut-based private equity firm focuses on lower middle market investments in consumer businesses. The firm manages about $725 million in capital. For more on Brynwood, see Life in the Lower Middle Market and watch our video interview with Brynwood managing partner Joan McCabe.
There have been several deals in the beverage space lately. Earlier in March, Silver Springs Citrus Inc. closed a deal for Country Pure Foods, which is a foodservice juice manufacturer. Before that, in January, Centre Partners made a majority investment in Sun Orchard Inc., a juice company.