Dunn’s River Brands (DRB), a beverage platform of Fireman Capital Partners (FCP), has acquired Temple Turmeric.
Temple Turmeric is a maker of beverages utilizing turmeric, an orange rhizome (a continuously growing horizontal underground root) and a cousin of ginger. The company’s products are sold at Whole Foods and other grocery retailers nationwide. Temple Turmeric was founded in 2009 by CEO Daniel Sullivan and is headquartered in New York (www.templeturmeric.com).
Dunn’s River Brands (DRB) is a platform company formed in 2016 by Kevin McClafferty, Lee Brody and Ian Knowles to acquire beverage companies. In December 2017, DRB acquired ready-to-drink iced tea brands Tradewinds Tea and Sweet Leaf Tea Company from Nestlé Waters North America. The company is headquartered north of Dallas in Frisco, TX (www.dunnsriverbrands.com).
“Temple Turmeric is a visionary brand, highly distinguished with a multi-functional product line and entrepreneurial energy,” said Ian Knowles, Managing Partner of DRB. “Daniel is an innovative entrepreneur and walking encyclopedia of product knowledge. With DRB’s resources, together we’ll be able to take the Temple brand to new heights.”
“Temple Turmeric is a great addition to the DRB platform and a good representation of brands with which we are looking to partner,” said Chris Akelman, a Principal at FCP. “Daniel has garnered a loyal following due to his vision. We are excited to see what he and DRB will do to move the brand forward.”
Fireman Capital Partners invests from $50 million to $100 million of equity in consumer products companies with revenues between $30 million and $150 million and EBITDA from $20 million to $100 million. The firm was founded in 2008 by Chairman Paul Fireman, the former Chairman and CEO of Reebok International, and Managing Partner Dan Fireman and is based near Boston in Waltham, MA (www.firemancapital.com).
Yarmouth, ME-based investment bank Whipstitch Capital (www.whipstitchcapital.com) was the financial advisor to Temple Turmeric.
© 2018 Private Equity Professional | April 9, 2018