Brynwood Partners has agreed to sell Harvest Hill Beverage Company to Castillo Hermanos. The sale of Harvest Hill is the largest exit in Brynwood’s 40-year history. Centerview Capital co-invested in this transaction alongside Castillo Hermanos.
Harvest Hill was formed in June 2014 following Brynwood’s acquisition of the Juicy Juice brand from Nestlé USA. The company later expanded through a series of acquisitions: American Beverage Corporation in 2015 from Wessanen, Sunny Delight Beverages in 2016 from JW Childs, and Nutrament in 2016 from Nestlé. Today, Harvest Hill’s portfolio includes numerous well-known brands including Juicy Juice, SunnyD, Little Hugs, Fruit2O, Nutrament, and adult beverage lines Daily’s and SunnyD Vodka Seltzer.
Harvest Hill, led by CEO Ilene Bergenfeld, is headquartered in Stamford, Connecticut, and operates six manufacturing facilities across the United States, with locations in Pennsylvania, Ohio, and Texas.
“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, the chairman and CEO of Brynwood Partners.
Castillo Hermanos was founded in 1886 by brothers Mariano and Rafael Castillo Córdova and today invests in branded consumer goods in the beverages and food segments. The family-owned investment company owns more than 75 brands, including Gallo Beer (Famosa in the U.S.), Del Frutal, and Raptor Energy Drink, and operates in over 30 countries. Castillo Hermanos is headquartered in Guatemala City, Guatemala. Castillo Hermanos, through this acquisition, continues its international expansion and builds its product footprint in the United States.
“We are grateful to Castillo Hermanos and know that they will be great stewards of the business,” said Ian MacTaggart, the 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.”
Greenwich, Connecticut-based Brynwood Partners is an operationally focused firm that makes control investments in North American-based lower middle-market companies. The firm targets non-core brands or companies operating exclusively in the consumer sector.
“The Harvest Hill sale will represent the largest transaction in Brynwood Partners’ 40-year history,” added Mr. Hartong. “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.”
Brynwood Partners is currently investing out of Brynwood Partners IX LP, a $750 million fund closed in 2023. The firm targets companies with minimum revenues of $50 million and EBITDA of at least $5 million.
© 2025 Private Equity Professional | April 8, 2025
