Sunny Sky Products has announced the successful closing of the acquisition of LX/JT Holdings Inc. and its subsidiaries, Dba Bevolution Group.
Bevolution is a leading manufacturer and supplier of innovative beverage solutions, primarily selling clean label and preservative free smoothie bases, bar and cocktail mixes, juices, concentrates and other related beverage products.
The terms of the acquisition were not disclosed.
Bevolution was created via the combination of well-respected and reputable brands including JuiceTyme, Lemon-X, Dr. Smoothie and Tropics. The business operates a multi-site beverage manufacturing platform with three facilities strategically positioned across the U.S., with capacity to support future growth. Bevolution develops and innovates new products with its in-house R&D staff and partners with its customers to bring new on-trend products to market.
“We are thrilled to announce the acquisition of Bevolution and officially welcome our new Bevolution colleagues to the Sunny Sky family,” said W. Ashley Edens, chairman and CEO of Sunny Sky Products. “Bevolution strengthens our position as a leading one-stop-shop beverage solutions platform and expands our portfolio of product offerings to our valued customers. The addition of Bevolution, with its highly complementary foodservice customer base, will create significant synergies and growth opportunities for years to come. Additionally, we thank Highlander, who has been a fantastic partner to Bevolution and combined multiple brands into a high functioning and scalable business.”
“This acquisition is highly strategic for Sunny Sky, adding well respected brands including Dr. Smoothie and Tropics, further enhancing our existing product portfolio with clean label and preservative free offerings and adding new manufacturing capabilities, including hot fill,” said Matt Maimone, president of Sunny Sky. “We are very excited about the growth prospects and look forward to continuing to deliver best-in-class service and great tasting beverages to our
customers.”
“Sunny Sky is a great fit and a perfect partner for the future growth of the business. Sunny Sky has a great culture and I am confident our employees and customers are in good hands under Ashley and Matt’s leadership of the business,” said Michael Sherman, CEO of Bevolution and director at Highlander Partners. “We are excited for this new phase of growth all while we continue to prioritize our valuable customers and deliver top notch service.”
Kirkland & Ellis LLP acted as legal advisor to Sunny Sky. Katten Muchin Rosenman LLP acted as legal advisor to Bevolution and Highlander. Hennepin Partners LLC acted as the financial advisor to Bevolution and Highlander.
