Private equity firm ClearLight Partners has sold portfolio company Apple & Eve to Lassonde Industries for a total cash consideration of USD150 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,” says 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,” says 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.
