GREENWICH, Conn., April 3, 2025 -- Brynwood Partners announced today that it has reached a definitive agreement to sell its portfolio company, Harvest Hill Beverage Company ("Harvest Hill" or the "Company"), to Castillo Hermanos, a multinational diversified business group. Centerview Capital will make a strategic investment alongside Castillo Hermanos. Terms and conditions of the transaction will not be disclosed. The transaction is subject to customary closing conditions and receipt of regulatory approvals.
The Harvest Hill sale represents the largest transaction in Brynwood Partners' 40-year history
Harvest Hill was originally established in 2014 when Brynwood Partners acquired the iconic Juicy Juice brand from Nestlé USA, Inc. Harvest Hill was staffed with an experienced management team that successfully identified, acquired and integrated a series of strategic add-on acquisitions including: American Beverage Corporation (acquired in 2015 from Wessanen), Sunny Delight Beverages, Co. (acquired in 2016 from JW Childs) and Nutrament (acquired in 2016 from Nestlé). Harvest Hill created a portfolio of iconic beverage brands including Juicy Juice, SunnyD, Little Hugs, Fruit2O and Nutrament to name a few. Harvest Hill also owns the adult beverage brands Daily's and SunnyD Vodka Seltzer which are included in the transaction.
The Company operates six manufacturing facilities located across the U.S. Harvest Hill's products are sold through all major channels of distribution with expansive depth and breadth of account penetration with all major retailers in the U.S.
The acquisition of Harvest Hill by Castillo Hermanos, a family-owned company founded in 1886, significantly expands its U.S. presence and provides a platform to grow its existing U.S. business unit. Castillo Hermanos is partnering with private investment firm Centerview Capital, which will be a strategic partner to help grow the U.S. beverage business.
"We are delighted to announce the sale of Harvest Hill, though it is a bittersweet moment as it is sad to say goodbye to a Company and brands that have meant so much to Brynwood Partners and me personally," said Henk Hartong III, Chairman and CEO of Brynwood Partners.
"The Harvest Hill sale will represent the largest transaction in Brynwood Partners' 40-year history. We are grateful for the commitment from our limited partners and the confidence that they conveyed to us through the Harvest Hill investment period. Castillo Hermanos is a first-class company with a long family history and a passion for the beverage business. We are confident that they will continue to invest in and grow the Harvest Hill business," added Mr. Hartong.
With more than 139 years of history, Castillo Hermanos has presence in over 30 countries, where it continues to captivate consumers across its brands, including Gallo Beer – known as Famosa Beer in the U.S. – Del Frutal and Raptor Energy Drink. It is also the leading cereal producer in Central America.
Brynwood Partners had teamed up previously with Centerview Capital in 2010 when it divested a Brynwood Partners V L.P. portfolio company, Richelieu Foods.
"We are grateful to Castillo Hermanos and know that they will be great stewards of the business," said Ian MacTaggart, Vice Chairman of Brynwood Partners. "We have had a long relationship with Centerview Capital and thank Jim Kilts and his team for their work with Castillo Hermanos to bring this transaction together."
Brynwood Partners is currently investing out of Brynwood Partners IX L.P. ("Brynwood IX"). Brynwood IX, with $750 million of committed capital, was raised in 2023. Brynwood IX has made three investments, including West Madison Foods, Miracapo Food Company and Hometown Food Company.
Harvest Hill was represented by Holland & Knight LLP on legal matters and did not engage investment banking representation. Citi is serving as financial advisor to Castillo Hermanos and is lead arranger and bookrunner on the acquisition financing. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Castillo Hermanos.
ABOUT BRYNWOOD PARTNERS
Based in Greenwich, CT, Brynwood Partners, is an operationally focused private equity firm that has been making control investments in middle market companies based in North America since 1984. The firm targets non-core brands and companies operating in the consumer sector. Brynwood Partners currently manages more than $1.3 billion of private equity capital for its limited partners, which include U.S. and international pension funds, fund-of-funds, endowments, foundations, family offices and financial institutions.
For more information on Brynwood Partners, please visit:
https://www.brynwoodpartners.com
ABOUT CASTILLO HERMANOS
Castillo Hermanos is a multinational diversified business group with over 139 years of success. Driven by a commitment to combine innovation and passion to share and celebrate life's moments with its consumers, while also fostering well-being and sustainable development, the company has presence in over 30 countries. Its portfolio, which includes more than 75 brands, has captivated consumers of all ages and preferences. Thanks to its strategic expansion, Castillo Hermanos' leadership extends across a wide range of industries, including beer, bottled water, carbonated and non-carbonated beverages, food, packaging, retail, and real estate. The company's history began in 1886 with the founding of Cervecería Centro Americana, born from the vision of two entrepreneurial brothers: Mariano and Rafael Castillo Córdova.
Castillo Hermanos has steadfastly adhered to a principle that has stood for over 139 years: delivering the highest quality products, leveraging cutting-edge technology, and building a team of exceptionally skilled professionals grounded in strong ethical values. Driven by an unwavering commitment to excellence, the company upholds the highest standards in quality, innovation, and talent and also inspires every member to surpass expectations. This enduring dedication extends to fostering sustainable leadership and creating shared value for the communities and society at large, working together to shape a better future.
For more information on Castillo Hermanos, please visit:
https://castillohermanos.global/
http://www.esdemaravilla.com/
ABOUT CENTERVIEW CAPITAL
Centerview Capital is an operationally-driven investment platform focused on the U.S. consumer sector. Its principals have collectively delivered ~$50 billion of shareholder value over the course of their careers and have helped build or revitalize some of the most recognized brands in the consumer industry. The firm was founded in 2006 and is based in Naples, FL.
More information about Centerview Capital is available at
https://www.centerviewcapital.com/consumer/
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