Global Beverage sells stake in Rudy Beverage
May 15, 2007
by FoodBusinessNews.net Staff
PLANTATION, FLA. — Global Beverage Solutions Inc. has sold its 80% stake in Rudy Beverage Inc. to Rudy Partners Ltd.
"Rudy Beverage has a tremendous future ahead, and we are confident it can become one of the great beverage companies in the functional sports and children’s beverages categories," said Jerry Pearring, chief executive officer of Global Beverage. "Should RBI move into its own publicly traded vehicle, we anticipate it may garner an even greater valuation for our balance sheet assets, provide us liquidity and possibly create an opportunity to dividend additional shares to our shareholders."
Global Beverage received a $6 million secured promissory note paying 8% interest plus Rudy Partners’ assumption of the advances and receivables RBI owes Global Beverage.