Private equity firm Encore Consumer Capital has completed the sale of its portfolio company Juice Tyme, a manufacturer and marketer of shelf-stable, bag-in-box juice and beverage concentrates for use in foodservice dispensing machines, to Highlander Partners.
Scott Sellers, managing director of Encore Consumer Capital, says: “This is a bittersweet day for Encore. We are pleased with the successful exit of Juice Tyme and feel that Highlander will be a great partner to carry the company forward. However, we will miss working with Juice Tyme’s talented and dedicated management team. It has been a pleasure working with them as they led the company through significant growth, two dividend recapitalisations and an expansion of the company’s manufacturing facility.”
Philip Scott, chief executive of Juice Tyme, says: “All of us at Juice Tyme appreciate the partnership and support we have received from Encore during the last seven years. As a family owned business, we had concerns about our transition to private equity, but Encore helped make it a very smooth and positive process. Over the years, they have helped us with strategy, marketing, financial and personnel issues. Encore always encouraged our management team to make the right long term decision for Juice Tyme and our customers, and this has allowed our company to continue to grow and prosper. We will miss our day-to-day relationship with Encore.”
Founded in 1980, Chicago-based Juice Tyme provides shelf-stable, bag-in-box concentrates across an array of beverages to various foodservice markets including restaurants, bars, healthcare and school cafeterias. Juice Tyme’s concentrates include classic juice beverages, fortified juices, enhanced waters, sports drinks, energy drinks, teas and cocktail mixers.
Piper Jaffray acted as financial advisor for Juice Tyme and Latham & Watkins acted as legal counsel.
