USA: North Castle Partners Acquires Saratoga Beverage Group
North Castle Partners, L.L.C., a Greenwich based private equity firm specializing in the healthy living and aging sector, and Saratoga Beverage Group, Inc., a leading producer of premium refrigerated beverage products and spring water, today announced that North Castle Partners has acquired all the publicly held stock of Saratoga Beverage Group, Inc. for $6 per share. Bank of America led the financing of the transaction."Saratoga is a great company with superior products, well regarded brands and a talented management team. This acquisition furthers our commitment to building the leading refrigerated premium beverage company in the country," said Brent Knudsen, a managing director of North Castle Partners. "We plan to continue building our leadership position through aggressive investment in the companies now within the North Castle family as well as continuing to acquire the best companies in the industry.""We are proud to join the North Castle family of companies. We can think of no better partner," said Robin Prever, Saratoga's chief executive officer. "The professionals at North Castle bring extensive beverage industry experience and a commitment to grow the business, which will be of tremendous value to us as we work to advance our business strategy."
June 22, 2000