Highlander Partners Announces the Sale of Bevolution Group
November 6, 2023 – Dallas, TX – Highlander Partners, L.P. (“Highlander”), a Dallas-based private investment firm, today announced the sale of its portfolio company, Bevolution Group (“Bevolution” or “the Company”), to Sunny Sky Products, LLC. (“Sunny Sky”), a portfolio company of TJC, L.P. Bevolution is a leading manufacturer of shelf-stable and frozen beverage products for the foodservice industry.
With manufacturing facilities strategically located in Chicago, IL, Fullerton, CA, and Frostproof, FL, Bevolution is known for its three distinguished brands: Dr Smoothie, Tropics, and Refrasia, each underscoring a commitment to quality, innovation, and reliability. The Company’s products are sold to restaurants and bars, academic institutions, coffee houses, fitness centers, healthcare, military, hospitality, convenience store and other markets, facilitated by a broad network of beverage and foodservice distributors.
Highlander launched the initial platform by acquiring Juice Tyme in 2013, which was followed by the acquisitions of Lemon-X (2015), Tropics Mixology (2015), and Dr Smoothie (2016) and rebranding the entire business as Bevolution Group. This strategic consolidation positioned the Company as a comprehensive beverage solution provider with a vast range of products that are highly regarded for their superior taste, functionality, and value proposition. The Company’s portfolio includes premium smoothie bases, beverage powders, shelf-stable and frozen cocktail mixes, juice products, teas, lemonades, sports and energy drinks, slushies, enhanced waters, thickened water and other products.
Alex Guiva, Chairman of Bevolution Group and Partner of Highlander, commented, “Our dedication to innovation, customer service and market trends has shaped Bevolution into a premier beverage platform. It’s gratifying to see that our efforts have allowed the Company to become a clear leader in the hot and cold beverage space priming it for the subsequent phase of expansion under new ownership.”
Jeff L. Hull, President and CEO of Highlander Partners, added, “We are pleased with the sale of Bevolution, which, under our guidance, has evolved into a very broad and comprehensive beverage provider with marquee foodservice brands, robust manufacturing capabilities, and a broad spectrum of beverage solutions. Sunny Sky is a perfect partner to propel the business forward and we are glad to see the Bevolution team partner with them for future growth. This platform was built through an active M&A strategy and having closed more than thirty transactions in the food and beverage category in recent years, Highlander continues to actively pursue high-quality businesses in this sector as new platforms and add-ons for its current portfolio companies.”
Hennepin Partners served as financial advisor and Katten Muchin Rosenman LLP served as legal counsel to Highlander Partners, L.P., for the sale of Bevolution.
About Bevolution Group
Bevolution Group is a leading manufacturer of shelf-stable and frozen beverage products, and cocktail mixes. Bevolution Group offers a growing portfolio of innovative, high-quality beverage products, as well as equipment and service. The company also manufactures products customized to meet specific sensory and delivery needs. Bevolution Group is headquartered in Chicago with production facilities in Chicago, IL, Frostproof, FL, and Fullerton, CA. For more information, please visit www.bevolutiongroup.com.
About Highlander Partners
Highlander Partners, L.P. is a Dallas-based private investment firm with more than $3 billion in assets under management. The firm focuses on making investments in businesses in targeted industries in which the principals of the firm have significant operating and investing experience. Highlander Partners employs a buy and build investment approach, creating value by helping companies grow both organically and through acquisitions. For more information, visit www.highlander-partners.com.