NEW YORK One of the world's largest nonalcoholic beverage companies has signed a definitive agreement to acquire one of the leading suppliers of private-label beverages and producer of apple, grape and cranberry juices and juice-blends in North America.
Cott said it would purchase the privately held Cliffstar for cash consideration of $500 million, payable at closing and subject to adjustments for working capital and other items.
"As the clear leader in private-label shelf-stable juice, Cliffstar is an ideal partner for Cott as we strengthen our position in private-label beverages," said Jerry Fowden, Cott CEO. "A combination with Cliffstar expands Cott's product portfolio and manufacturing capabilities, enhances our customer offering and growth prospects, and improves our strategic platform for the future. Combined with Cliffstar, Cott will be a more diversified company with long-term advantages for our shareowners and retailer partners."