Generous Brands, a Butterfly portfolio company and a leader in premium refrigerated beverages offering the Bolthouse Farms, Evolution Fresh and SAMBAZON brands, announced it has signed a definitive agreement to acquire Health-Ade, a leader and innovator in kombucha tea beverages, from private equity firms First Bev and Manna Tree Partners (Manna Tree), who will continue on as minority shareholders in Generous Brands.

Following the close of this transaction, Generous Brands will have four brands (Bolthouse Farms, Evolution Fresh, Health-Ade and SAMBAZON beverages) that span the juice, smoothie, kombucha, cold-pressed, protein, coffee and alternative soda categories. The portfolio will be distributed in a diverse set of channels and have nearly $1 billion in retail sales. Generous Brands also produces and sells premium refrigerated dressings under the Bolthouse Farms brand. With significant owned manufacturing capabilities, a differentiated distribution network and a best-in-class commercial organization, Generous Brands is well-positioned to deliver growth and innovation for retailers and consumers alike for years to come, the company says.

As health-conscious consumers continue to prioritize a healthy lifestyle, Generous Brands is strongly positioned for the future with its leading brands, which offer an assortment of beverages packed with clean ingredients, including nutritional shakes and smoothies, and super premium juices. Health-Ade is one of the leading brands in the kombucha segment, which has been propelled in recent years by consumer interest in gut health products; Health-Ade’s category-leading kombuchas offer delicious functionality powered with probiotics and immune-boosting antioxidants, the company says.

“Consumers have entirely redefined the role of beverages and it’s reshaping the future. They have shifted from just prioritizing taste and exciting flavors to looking for beverages that are also enhanced with healthier ingredients and nutritional benefits,” said Steve Cornell, CEO of Generous Brands, in a statement. “With its purpose-led brand and products that are positioned at the intersection of delicious taste and modern health trends, Health-Ade fits perfectly into our platform and growth strategy. This exciting addition to the Generous Brands portfolio will accelerate our mission of inspiring more people to thrive through the power of vibrant nutrition.”

Since its founding in 2012, Health-Ade has evolved from selling its flagship kombucha at local farmers markets into what is now a top-selling functional beverage brand in the U.S., with retail sales approaching $250 million annually and products in 65,000 outlets nationwide, spanning all major retail channels, the company says. The kombucha segment has experienced consistent growth over the last five years, and Health-Ade is on track to continue growing in this expanding category, it adds. With the addition of Health-Ade, Generous Brands expects to bring the benefits of scale to consumers and retailers ― faster and more transformative innovation, broader availability, and additional investments to drive overall category growth for retail partners.

“This announcement marks a natural evolution in Health-Ade’s journey and an exciting milestone for the premium refrigerated beverage category,” said Chris Lansing, CEO at Health-Ade. “Health-Ade and Generous Brands are aligned in their unwavering commitment to delivering exceptional taste while prioritizing clean, nutritious ingredients. We are excited and confident that Generous Brands is the right platform to unlock Health-Ade’s full potential and introduce even more people to the power of gut-healthy beverages. We are grateful to our founders who helped pioneer this category, and to First Bev and Manna Tree for their support and partnership to help us grow to where we are today.”

Generous Brands was established in May 2024 as a leading pure-play premium refrigerated beverage platform with Butterfly’s separation of Bolthouse Farms into two standalone entities: Bolthouse Fresh Foods, which encompasses the legacy produce operations of Bolthouse Farms and is a leading supplier of fresh carrots, and Generous Brands.

“We are big believers in the growth of fresh, functional beverages and Generous Brands’ focus on delivering vibrant nutrition to consumers,” said Adam Waglay, co-founder and co-CEO of Butterfly. “Acquiring strong, ‘gutsy’ brands is a key pillar of that vision, and the addition of Health-Ade to the Generous Brands platform demonstrates that strategy in action. We are excited to embark on this next stage of growth.”

With First Bev and Manna Tree, Health-Ade focused on expanding distribution and profitability through operational excellence, innovation and brand building, it states.

“Manna Tree’s mission is to identify, invest in, and scale companies that empower consumers to live better, longer lives,” said Steve Young, managing partner of Manna Tree. “We are proud to have partnered with Health-Ade and its management team to support the company’s growth and expansion over the last several years to bring the brand to a place where even more consumers can enjoy their delicious, functional, and good-for-you beverages. We look forward to partnering with Butterfly to fuel Health-Ade’s next chapter.”

Kyle Wheeler, Managing Partner of First Bev, added: “From its early days at farmers markets, we recognized Health-Ade's exceptional potential and are incredibly proud to have supported the business from a start-up to a cornerstone brand. Health-Ade is a transformational beverage company with an unwavering commitment to authentic innovation, quality, and the ability to build genuine consumer connection around functional wellness. Becoming part of Generous Brands represents the natural next chapter in Health-Ade’s remarkable growth story. We look forward to the brand and platform reaching even greater heights.”

The transaction is subject to customary closing conditions and is expected to close in Q3 2025. Terms of the transaction were not disclosed.