Brynwood Acquires Cold Spring

Brynwood Acquires Cold Spring

Brynwood Partners, through its seventh fund, has acquired Cold Spring Brewing Company from its current owner, the Lenore family.

Cold Spring is a beverage manufacturer that produces energy drinks, carbonated flavored waters and brews craft beers.  The company primarily manufactures products, both non-alcoholic and alcoholic beverages and beer, for other companies’ proprietary brands and retailers’ private labels.  Cold Spring also brews beer under its own brand, Third Street Brewhouse, for distribution locally in Minnesota and Wisconsin.

Cold Spring has $60 million in annual revenues and employs approximately 350 people. The company was founded in 1874 and is headquartered 80 miles northwest of Minneapolis in Cold Spring, MN (

“We are pleased to announce the acquisition of Cold Spring,” said Henk Hartong III, Chairman and CEO of Brynwood Partners.  “The well-run facilities and exciting growth plans for the company represent a great investment opportunity for Brynwood Partners. While Cold Spring will be operated as a standalone company, we believe it will benefit greatly from the scale and national distribution and manufacturing foot print of Brynwood Partners’ Harvest Hill Beverage Company investment.”

Harvest Hill Beverage Company was formed by Brynwood VII in July 2014 to acquire the Juicy Juice brand from Nestlé. In March 2015, Harvest Hill acquired American Beverage Corporation (ABC) from Wessanen, a publicly-traded food and beverage company based in Holland.  With the ABC acquisition, the company added the Little HUG juice brand and Daily’s Cocktails brand. In October 2016, Harvest Hill acquired Faribault Foods’ juice pouch manufacturing facility in Elk River, MN. Then, in December 2016, the company acquired the Nutrament energy drink brand from Nestlé.  In February 2016, Brynwood acquired Sunny Delight Beverages from J.W. Childs Associates and in May 2017 merged the company into Harvest Hill.  Today, Harvest Hill operates seven manufacturing facilities located across the US and continues to grow its branded, private label and co-manufacturing businesses both organically and through strategic add-on acquisitions.  Harvest Hill is headquartered in Stamford, CT (

“On behalf of Brynwood Partners, I would like to express my sincere gratitude to the Lenore family for working with us on this transaction,” said Ian MacTaggart, President and COO of Brynwood Partners.  “This marks Brynwood VII’s sixth investment in the beverage sector and is a significant investment for our firm.  We look forward to supporting Cold Spring’s loyal employees and growing its operations in Cold Spring, MN, where it has resided for 143 years and plays such an important role in the community.”

Brynwood Partners is an operationally-focused private equity firm that makes control investments in consumer focused lower middle-market companies. The firm has $725 million of capital under management and is based in Greenwich, CT (

Cascadia Capital ( was Cold Spring’s financial advisor on this transaction.

© 2017 Private Equity Professional | August 7, 2017

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