US-based Generous Brands, owned by private equity firm Butterfly, has struck a deal to acquire Health-Ade, a local kombucha maker, from investors First Bev and Manna Tree Partners.
Financial terms of the deal were not disclosed.
First Bev and Manna Tree Partners will remain minority shareholders of Generous Brands, according to a statement from Generous Brands.
Steve Cornell, CEO of Generous Brands, said: “With its purpose-led brand and products that are positioned at the intersection of delicious taste and modern health trends, Health-Ade fits perfectly into our platform and growth strategy.”
The deal is slated for completion in the third quarter, contingent on the fulfilment of customary conditions.
The acquisition will expand Generous Brands’ portfolio to include four brands: Bolthouse Farms smoothies and protein drinks, Evolution Fresh juices, Sambazon juices and energy drinks and Health-Ade.
The California-based company also offers refrigerated dressings under Bolthouse Farms.
The four brands carry nearly $1bn in combined retail sales, Generous Brands said.
Health-Ade, founded in 2012, is currently sold to 65,000 retail outlets across the US, generating nearly $250m in annual retail sales.
Chris Lansing, Health-Ade CEO, said: "This announcement marks a natural evolution in Health-Ade’s journey and an exciting milestone for the premium refrigerated beverage category."
He added: "We are excited and confident that Generous Brands is the right platform to unlock Health-Ade’s full potential and introduce even more people to the power of gut-healthy beverages."
Generous Brands was established last year following Butterfly’s separation of Bolthouse Farms into two entities: Bolthouse Fresh Foods, which supplies carrots to retailers across North America and Generous Brands, which is focused on beverages.
Evolution Fresh was also moved to sit under Generous Brands, a company Butterfly Equity acquired in 2022 from coffee giant Starbucks.
Butterfly acquired California-based Bolthouse Farms from Campbell Soup Co. in 2019.
In June 2024, Generous Brands struck a production and distribution deal for Sambazon’s juice and smoothie brands, including Original Açaí, Dragon Fruit, and Energy Açaí, at its Bakersfield facility.
