The Tata Group acquires 30% stake in Glaceau
August 24, 2006
by FoodBusinessNews.net Staff
MUMBAI, INDIA — The Tata Group, a business conglomerate based in India, has signed an agreement to invest $677 million in Glaceau to purchase the stake previously held by TSG Consumer Partners. Glaceau, based in Whitestone, N.Y., manufactures drink brands, including vitaminwater, smartwater and fruitwater.
The Tata Group’s investment constitutes 30% ownership of Glaceau, based on a valuation of more than $2.2 billion.
The investment will allow Glaceua to further its growth and maintain its independence, said Mike Repole, president of Glaceau. For The Tata Group, the investment will allow it to grow its North American beverage business, which already includes Tetley Tea, Good Earth Teas and Eight O’Clock Coffee.
The chairman of the company initially will be nominated by The Tata Group. The transaction is subject to customary closing conditions including governmental notifications and approvals.