Guatemalan conglomerate Castillo Hermanos has reached an agreement to acquire Harvest Hill Beverage Company — the owner of the SunnyD, Juicy Juice and other beverage brands — from private equity firm Brynwood Partners, officials announced.
Terms of the acquisition were not disclosed, but Reuters reported that the price tag was about $1.5 billion.
Castillo Hermanos will partner with investment firm Centerview Capital on the deal; Centerview, in turn, will be a "strategic partner" for the U.S. beverage business.
Castillo Hermanos officials said the move would "significantly" expand its U.S. operations and provide a platform for further growth in the U.S. market. The company says its portfolio has more than 75 brands, including Del Frutal and Raptor Energy Drink and Famosa beer.
"This is a key moment in our history as we set out to meaningfully expand our reach into the U.S. Our trusted and iconic brands, combined with Harvest Hill's, offer a compelling product assortment to cater to diverse consumer needs," said Roberto Lara, CEO of Castillo Hermanos. "We are thrilled to welcome Harvest Hill to the Castillo Hermanos family and want every one of their employees to be part of our strategy for expansion and sustained growth."
