Brynwood Partners VII LP, Greenwich, Conn., announced that its majority-owned portfolio company, Harvest Hill Beverage Co., has reached an agreement to acquire the Nutrament business from Nestlé HealthCare Nutrition Inc.
Based in Stamford, Conn., Harvest Hill is the owner of the Juicy Juice, Little HUG and Daily's brands. The Nutrament transaction marks Harvest Hill's fourth acquisition since its founding in July 2014, and its second from Nestlé. The transaction is expected to close by year end and its terms and condition are not being disclosed, the company says.
Nutrament is a leading brand in the dairy-based energy drink segment, it says. The brand, which was founded in the 1960s, primarily is available on the U.S. East Coast, Canada and the Caribbean Islands.
"The Nutrament acquisition strengthens Harvest Hill's position in several strategically important areas," said Hendrik J. Hartong III, chairman and chief executive officer of Brynwood Partners, in a statement. "Nutrament has a strong position in certain critical urban markets that will benefit Harvest Hill's entire brand portfolio. Harvest Hill will increase its scale with the brand's loyal customer base and will also acquire access to a broad export distributor network in the Caribbean."
Doug Gillespie, chief executive officer of Harvest Hill, added: "We are excited to add Nutrament to Harvest Hill's portfolio and look forward to investing in the brand. Nutrament is a well-known brand with loyal consumers that have, in many cases, been purchasing the brand's products since the 1960s."
Regarding the transaction, Ian MacTaggart, president and chief operating officer of Brynwood Partners, added: "We are excited to complete our seventh brand acquisition from Nestlé, and we value our long-standing relationship. Brynwood Partners continues to strengthen its position as the leader in the consumer corporate acquisition sector. Including this acquisition, which we expect to close by year end, the firm will have acquired 47 brands from 18 different corporate sellers."