Boston-based private equity firm Fireman Capital Partners and its partner, Dunn’s River Brands (DRB), entered into a purchase agreement with Nestle Waters North America to purchase the Swiss-owned firm’s ready-to-drink (RTD) tea brands Sweet Leaf Teas and Tradewinds, Fireman announced in a Dec. 15 press release.
Fireman said that DRB, a “strategic beverage platform,” will lead the brands and grow their profits through a “shared resource model.” The newly-acquired brands hold a legacy position in the growing RTD tea market, and offer DRB and the private equity firm a solid foothold as they make further beverage industry acquisitions.
“The Sweet Leaf Tea and Tradewinds brands represent a terrific foundation for the DRB portfolio as consumer demand for specialty, local and functional beverages continues to increase. I am confident that FCP and DRB’s combined consumer and beverage sector expertise will position the DRB platform for long-term growth and success,” said Dan Fireman, managing partner of Fireman Capital Partners, in the release.
Terms of the transaction were not disclosed. The agreement was signed on Dec. 15 and the firms expect the transaction to reach completion before the end of 2017.