US: Nestle Waters North America to buy Sweet Leaf Tea Co
Nestle Waters North America made an initial US$15.6m investment in Sweet Leaf last year
Nestle Waters North America is to acquire the Sweet Leaf Tea Co from private equity firm Catterton Partners.
The bottled water firm made an initial US$15.6m investment in Austin, Texas-based Sweet Leaf in March last year, with an option to buy the company outright at a later date. The purchase, announced yesterday (5 May), will include the Sweet Leaf and Tradewinds beverage brands.
No financial details of the transaction have been disclosed.
The acquisition, which remains subject to regulatory approval, will expand Nestle Waters' beverage portfolio of bottled water to include iced teas, lemonades and juice drinks.
The Sweet Leaf and Tradewinds brands' combined sales totalled around $53m in 2010. Sweet Leaf Tea Co staff will continue to manage the brands going forward.
"With Nestle Waters bringing increased capabilities, we will be able to offer Sweet Leaf and Tradewinds beverages to more people across the US," said Sweet Leaf Tea's CEO, Dan Costello.
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