Brynwood Partners acquires beverage maker Cold Spring

Brynwood Partners has acquired Cold Spring, Minnesota-based Cold Spring Brewing Company, a beverage manufacturer. The seller was the Lenore family. No financial terms were disclosed. Cascadia Capital served as Cold Spring’s investment banking adviser on the deal.

PRESS RELEASE

GREENWICH, Conn., Aug. 4, 2017 /PRNewswire/ — Brynwood Partners VII L.P. (“Brynwood VII”) announced today that it has acquired Cold Spring Brewing Company, Inc. (“Cold Spring”) from its current owner, the Lenore family. Terms and conditions of the transaction were not disclosed.

Located in Cold Spring, MN, Cold Spring is a leading beverage manufacturer that produces energy drinks, carbonated flavored waters and brews craft beers. The company primarily manufactures products, both non-alcoholic and alcoholic beverages and beer, for other companies’ proprietary brands and retailers’ private labels. Cold Spring also brews beer under its own brand, Third Street Brewhouse, for distribution locally in Minnesota and Wisconsin.

Founded in 1874 in Cold Spring, MN, the company is one of the oldest beverage manufacturing plants in the U.S. Today, Cold Spring is a leading independent beverage manufacturer with over $60 million in net sales and employs approximately 350 people.

“We are pleased to announce the acquisition of Cold Spring,” said Henk Hartong III, Chairman and CEO of Brynwood Partners. “The well-run facilities and exciting growth plans for the company represent a great investment opportunity for Brynwood Partners.” Mr. Hartong continued, “While Cold Spring will be operated as a standalone company, we believe it will benefit greatly from the scale and national distribution and manufacturing foot print of Brynwood Partners’ Harvest Hill Beverage Company investment. We look forward to working collaboratively with Cold Spring’s management team to grow the business.”