Nestlé Waters North America sells Tradewinds® and Sweet Leaf® Tea businesses
to Dunn’s River Brands
December 15, 2017 -- Nestlé Waters North America today announced that it has agreed on the sale of its Tradewinds and Sweet Leaf Tea businesses to Dunn’s River Brands, a portfolio company of private equity firm Fireman Capital Partners, for an undisclosed amount. The purchase agreements were signed today and the transaction is expected to close before year end.
Fernando Mercé, President and CEO of Nestlé Waters North America, said:
“This transaction is part of our ongoing strategy to focus on strengthening our core business and drive performance through streamlined operations. We took this difficult but important step to position us to further deliver upon our healthy hydration ambitions.”
Dan Fireman, Managing Partner of Fireman Capital Partners, said:
“We are thrilled to partner with the seasoned management team of Dunn’s River Brands. The Tradewinds and Sweet Leaf Tea business are a natural fit for FCP given our extensive experience in the consumer and beverage sectors, and we see significant opportunity to leverage our industry expertise to position the platform for long-term growth and success.”
Kevin McClafferty, CEO of Dunn’s River Brands, said:
“We are excited to have the opportunity to add the Tradewinds and Sweet Leaf Tea businesses to the Dunn’s River Brands portfolio. The combined entities will form the new company The Sweet Leaf Tea Company. We believe these are very strong brands in their respective categories, and are looking forward to leaning into them with full marketing and sales support moving forward.”
About Nestlé Waters North America
Nestlé Waters North America provides people with an unrivaled portfolio of bottled waters for healthy hydration. Brands such as Poland Spring® Brand 100% Natural Spring Water, Nestlé® Pure Life®, Perrier® and San Pellegrino® have driven Nestlé Waters North America to be the third largest non-alcoholic beverage company by volume in the U.S. Nestlé Waters North America also owns and operates ReadyRefresh SM by Nestlé®, the largest home and office water delivery service by volume in the U.S. Based in Stamford, Connecticut with some 8,500 associates, Nestlé Waters is committed to reducing its environmental footprint across its operations. As a natural resource company, Nestlé Waters sustainably manages our 47 spring sources and maintains nearly 14,000 acres of natural watershed area. The company is also committed to creating shared value and being a good neighbor in the 140 communities where it operates in the U.S.
About Fireman Capital Partners
Fireman Capital Partners invests in consumer-focused companies through both growth equity and buyout transactions. The private equity firm focuses on dynamic consumer businesses with revenues between 30MUSD and 150MUSD, who also have a unique vision, strong product and market share, and sound management. FCP leverages its capital, extensive network, and deep operating expertise to add substantial value. The firm is currently invested in CANarchy, Surfside Coffee Company, and Idea Paint with realized investments in Hudson Jeans, Pilla, Evolution Fresh, Serena & Lily, Newton Running and Skip Hop.
About Dunn’s River Brands
Dunn’s River Brands was founded on the concept of converging strength exemplified by its namesake found in the beautiful Jamaican landscape. Dunn’s River is led by experienced and accomplished leaders from the beverage industry and seeks to partner with founders and management in emerging branded beverage companies to provide financial, strategic and administrative support. For more information visit them at www.dunnsriverbrands.com.
Nestlé Waters North America
Dunn’s River Brands