US soft-drinks supplier Golden Grail Beverages has acquired Nevada-based co-packing company UPDC Beverages.
The deal will make UPDC Beverages a wholly-owned subsidiary of Golden Grail Beverages, the company behind brands including Koz Water and Sway Energy.
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Financial terms were not disclosed but the transaction has been structured as a “share exchange agreement”, Golden Grail Beverages said. The company is issuing 20 million common stock shares to the former owners of UPDC Beverages as part of the deal.
UPDC Beverages offers “full-service” co-packing services to commercial clients for an array of “complex and functional beverages”, Golden Grail Beverages said in a statement.
It operates a “state-of-the-art” facility in Naples, Florida, providing services for bottling, canning, and filling energy drinks, carbonated beverages, and other liquid fills.
Golden Grain Beverages CEO Scott Lomu said: “The company has made its initial acquisition under our new management team as part of our recently announced new business focus.”
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By GlobalDataIn August, the company announced a new direction, with plans to continue to try to grow its drinks business but also pursue “a commodity-based acquisition strategy”. It plans to buy companies in the gold, oil and gas, cryptocurrency and water industries.
At the time, Lomu said: “We plan on growing our current business operations in the water and drink industry. In the alternative, the company will take a proactive role in acquiring profitable commodity transactions.
“We have already identified several potential transactions that are being vetted for closure and expect to be announcing several initial transactions in the coming months.”
