The Castillo Hermanos Corporation announced that it reached a definitive agreement with the Brynwood Partners company to acquire Harvest Hill Bevenge Company, a leading company in drink products in the United States, which manages brands such as Sunnyd, Juicy Juice and Little Hug, among others.
It was explained that Harvest Hill’s acquisition by the Castillo Hermanos Corporation, which is a family business founded in 1886, “significantly expands its presence in the United States and provides a platform for the growth of its existing business unit in the country.”
Castillo Hermanos is associated with the private investment firm CenterView Capital, which has made a significant investment and will be a strategic partner to boost the growth of the beverage business in the US.
With a trajectory of more than 139 years of operational experience, Castillo Hermanos Corporation has a solid trajectory in more than 35 countries, “where consumers continues to captivate their brands, including rooster beer – known as famous in the US.
Expand leadership
Juan Monge Calderón, president of Castillo Hermanos, declared: “In recent years, the company has worked to open up to the world and make our goal of creating global brands that guarantee sustained growth and continue strengthening our leadership.”
“This acquisition marks a milestone in our history. We welcome the Harvest Hill management team that will join our team and trust that, together, we will continue to captivate consumers and create world renowned brands,” said Monje Calderón.
“In recent years, the company has worked to open up to the world and make our goal of creating global brands that guarantee sustained growth and continue strengthening our leadership.”
Juan Monge Calderón, president of Castillo Hermanos,
“This is a key moment in our history, since we set out to significantly expand our reach in the United States. Our iconic and trustworthy brands, combined with Harvest Hill’s, offer an attractive range of products to meet the diverse needs of consumers,” said Roberto Lara, executive director of Castillo Hermanos.
“We are pleased to welcome Harvest Hill to the Castillo Hermanos family and we want each of its employees to be part of our sustained expansion and growth strategy. We hope to collaborate closely with the experienced Harvest Hill management team to take advantage of key growth opportunities, taking advantage of its manufacturing, distribution and knowledge network of the beverage sector in the United States,” he added.
Key incursion
“We are extremely excited to build our future with Castillo Hermanos,” said Robert Mortati, president and executive director of Harvest Hill.
“Founded in similar values and principles based on respect, quality, innovation and customer and consumer orientation, the strategic visions of Castillo Hermanos and Harvest Hill are aligned. Together, we can expand our businesses and strengthen the presence of our brands in the beverage market,” he acknowledged.
When reflecting on the transaction, Jim Kilts, founding partner of CenterView Capital, said: “We have impressed the commercial execution and brand of brands of Castillo Hermanos, as well as the commercial and operational success of Harvest Hill. Both companies have a trajectory proven in the acquisition and integration of assets, and our investment emphasizes the potential of this transaction.”
“We are extremely excited to build our future with Castillo Brothers.”
Robert Mortati, president and executive director of Harvest Hill.
The transaction will create an attractive, well positioned company to capitalize on the important opportunities offered by the US market for juices and alcoholic beverages.
The National Hill Hill Beverage Platform and its diverse portfolio of iconic national brands, along with its strategic manufacturing and distribution presence, and its solid relations with retailers from the feeding channels, mass consumption, clubs and others, will boost the arrival of Castillo Hermanos to the US market.
In addition to the complementary strengths presented by this transaction, Castillo Brothers can take advantage of other key value levers, such as the expansion and introduction of drinks brands from its Wonder Business Unit in the US. UU., The reduction of production and distribution costs through manufacturing in the US.
Castillo Hermanos and Harvest Hill recognize the importance of talent and are committed to prioritizing people. The more than a thousand Harvest Hill employees, including the management and leadership team, are expected to keep their positions as part of the transaction, joining the workforce of more than 20 thousand employees of Castillo Hermanos.
It was announced that Citi acts as a financial advisor of Castillo Hermanos and is the main organizer and placer of acquisition financing. Skadden, ARPS, Slate, Meagher & Flom Llp acts as Legal Advisor of Castillo Hermanos.
It was reported that the transaction was US $ 1,400 million.
History
Castillo Hermanos is a diversified multinational business group with more than 139 years of success. Promoted by the commitment to combine innovation and passion to share and celebrate the moments of life with its consumers, at the same time promoting well -being and sustainable development, the company has a presence in more than 35 countries.