Harvest Hill Beverage Company, the beverage arm of Connecticut-based private equity firm Brynwood Partners, has completed its acquisition of American Beverage Corporation (ABC). The Pittsburgh Business Times reported the news Tuesday about the $55 million deal, one that will bring children’s juice brands Little Hug Fruit Barrels and Juicy Juice under one roof.
Harvest Hill and Brynwood currently have a team of executives at ABC’s Verona, Penn. headquarters overseeing the transitional process.
“I’ve found the worst decisions you can make after doing deals is moving in before you know what you’re doing,” Brynwood Partners’ Chairman and CEO Henk Harton told the Times. “We’re going to take our time to know the operations, learn the business and see where it goes from there.”
The deal was initially announced last month, when Harvest Hill signed an agreement to purchase ABC from Netherlands-based food company Royal Wessanen, which has turned its focus to Europe’s organic foods segment. In addition to Little Hug, ABC’s portfolio includes Big Hug, Guzzler and Daily’s Cocktails mixers.
Brynwood Partners acquired Juicy Juice from Nestlé USA in July of last year, in what was the firm’s largest purchase in its 31-year existence.