Newport Beach, CA July 25, 2014– ClearLight Partners has sold Apple & Eve, LLC (“Apple & Eve”) to Lassonde Industries, Inc. for total cash consideration of $150 million, subject to adjustments for working capital and other items.
Founded in 1975, Port Washington, NY-based Apple & Eve is the largest privately held producer of 100% fruit juice products in the United States. The Company offers more than one hundred different juice products sold under its iconic flagship brand name, Apple & Eve, and includes a portfolio of sub brands including Organics, Fruitables, Quenchers, Waterfruits and Sesame Street. Additionally, it owns and markets juices under Northland, Seneca and The Switch brands. The Company’s Apple & Eve products are sold in supermarkets, mass merchandisers, warehouse clubs, natural food stores, schools and convenience stores across the country.
ClearLight invested in Apple & Eve in 2007 and subsequently grew the company organically and through an add-on acquisition of The Switch. “We have enjoyed the opportunity to partner with a talented management team in growing the strong Apple & Eve brand,” said Josh Mack, a partner at ClearLight.
“I have thoroughly enjoyed working with ClearLight over the past seven years,” said Gordon Crane, CEO of Apple & Eve. “They proved to be a value-added partner in growing and improving our business.”
“Apple & Eve’s strong track record reflects the strength of the company’s brands, commitment to innovation, and quality of management and employees,” commented Michael Kaye, Managing Partner of ClearLight. “We wish Gordon Crane and the entire Apple & Eve management and employees much continued success.”
ClearLight was advised by Houlihan Lokey Capital, Inc. and Armstrong Teasdale, LLP.
About ClearLight Partners
ClearLight is actively searching for investments for its third fund, ClearLight Partners III which has committed capital of $300 million.ClearLight Partners is a private equity firm located in Newport Beach, CA with $900 million of assets under management. The team at ClearLight has extensive operating and financial experience, and invests in and contributes to the expansion of established and profitable businesses. ClearLight focuses on investing in middle-market companies that are profitable market leaders in industries that include industrial technologies, specialty manufacturing, consumer products and services, business services, and health care services.
For more information, visit www.clearlightpartners.com.
About Lassonde Industries Inc.
Lassonde Industries Inc. develops, manufactures and markets a wide range of fruit and vegetable juices and drinks. The Company is the second largest producer of store brand ready-to-drink fruit juices and drinks in the United States and a major producer of cranberry sauces. Furthermore, Lassonde Industries Inc. develops, manufactures and markets specialty food products such as fondue broths and sauces, soups, sauces and gravies, packaged corn on the cob, bruschetta toppings, tapenades, pestos and sauces for pasta and pizza. It also imports selected wines from several countries of origin for packaging and marketing purposes and also produces apple cider and wine-based beverages. The Company produces superior quality products through the efforts of some 2,000 people working in 14 plants across Canada and the United States. The shares of Lassonde Industries Inc. are listed on the Toronto Stock Exchange.
Visit Lassonde’s website at www.lassonde.com/en