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Cold Spring Brewing purchases Carolina Beverage Group

Published 17 May 2018

Cold Spring Brewing, a company owned by Brynwood Partners VII and Brynwood Partners VIII, has acquired Carolina Beverage Group from SunTx Capital Partners and other shareholders for an undisclosed amount.

The combined company is being named Carolina Beverage Group (Carolina Beverage) and will be headquartered in the Charlotte, NC area.  By combining Cold Spring and Carolina Beverage Group, Brynwood has created one of the largest independently-owned contract manufacturers in the beverage sector for numerous well-known national and international brands.  

The company's blue-chip customers include brand owners of well-known energy drinks, sparkling waters, teas, cocktails, flavored malt beverages, craft beers and other ready-to-drink beverages.  The company also produces private label beverages for leading retailers throughout the US.

Carolina Beverage manufacturers its high-quality products out of its three strategically located state-of-the-art manufacturing facilities located in Cold Spring, Minnesota; Mooresville, North Carolina and Fort Worth, Texas.  

With over 650,000 sq. ft. of flexible manufacturing space and 1.7 million sq. ft. of warehouse availability, the company offers a broad range of value-added production services in a variety of packaging options, including plastic and aluminum cans and glass bottles.  

Brynwood Partners chairman and CEO Henk Hartong III said: "We are very pleased to announce the acquisition of Carolina Beverage Group by Cold Spring. We are excited about the opportunity to create a company with a significant manufacturing footprint in the value-added beverage space that will strengthen our ability to service both national branded and retail customers with innovative products in flexible packaging solutions.

"Value added manufacturing is an important sector and an area that Brynwood continues to make significant investments in."

Brynwood Partners president and chief operating officer Ian MacTaggart said: "On behalf of Brynwood Partners, I would like to express my sincere gratitude to SunTx and the other selling shareholders. 

"While Brynwood VII already had an investment in Cold Spring, this marks Brynwood VIII's first investment since the fund closed in January 2018 with $649m of committed capital.  We look forward to supporting Carolina Beverage's loyal employees and growing its operations both organically and through potential strategic add-on acquisitions."

Brynwood Partners did not retain an investment banking advisor but was represented by Holland & Knight on legal matters.  Carolina Beverage Group, retained Cascadia Capital as its investment banking advisor and was represented by Haynes and Boone, on legal matters.  

Source: Company Press Release