Bevolution Group, a portfolio company of Highlander Partners, has acquired Dr. Smoothie Brands.
Dr. Smoothie sells crushed whole fruit smoothie purees, coffee house style specialty beverages, organic smoothie and frappe concentrates, and nutritional supplements to customers active in the foodservice industry. The company was founded in 1997 by Bill Haugh and is headquartered near Anaheim in Fullerton, CA (www.drsmoothiebrands.com).
Bevolution Group is a manufacturer of shelf stable and frozen foodservice beverage products and cocktail mixes. Specific products include juices, juice drinks, sugar-free beverages, thickened and enhanced waters, sports and energy drinks, iced teas, powder beverages, margaritas and cocktail mixers, frozen drinks and smoothie mixes. Bevolution’s products are sold through foodservice distributors to restaurants and bars, colleges and universities, K-12 schools, healthcare providers, the military, recreation and lodging providers, and convenience stores across the US, Canada, Latin America, and the Caribbean. The company was established by Highlander through the merger of Juice Tyme and Lemon-X in March 2015. Bevolution Group is led by CEO Sam Lteif and is headquartered in Chicago with production facilities in Chicago; Frostproof, FL (south of Orlando); Huntington Station, NY (Long Island) (www.bevolutiongroup.com).
“We have created a unique beverage platform that is recognized as a leader in the foodservice industry. Dr. Smoothie complements our product portfolio exceptionally well, and this transaction will provide significant benefits to both organizations,” said Alex Guiva, Chairman of Bevolution Group and a Partner of Highlander. “This is our third acquisition in the last 16 months, and we are excited to support the growth of Bevolution as it continues our model of supplementing organic growth with strategic acquisitions. We will search for additional add-on opportunities to enhance our market position, expand product offerings and grow our geographic presence.”
Highlander Partners makes investments in middle market businesses in targeted industries in which the principals of the firm have significant operating and investing experience. Sectors of interest include healthcare, basic manufacturing, food, and building materials. The firm has over $1.2 billion in capital under management and is based in Dallas (www.highlander-partners.com).
© 2016 Private Equity Professional • 8-2-16