DENVER — New Age Beverages Corp., a natural tea and healthy functional beverage company, has acquired Maverick Brands, L.L.C. and its coconut water beverages line Coco-Libre. The transaction includes a combination of cash and shares of common stock in New Age Beverages in return for 100% of the assets and interests of Maverick Brands and its portfolio of products within the Coco-Libre franchise. Financial terms of the transaction were not disclosed.
Coco-Libre beverages include organic coconut water, coconut water + protein and sparkling organic coconut water in a variety of flavors.
|Brent Willis, c.e.o. of New Age Beverages|
“Candace (Crawford, chief executive officer of Maverick Brands) and the Maverick Brands organization did an incredible job in building Coco-Libre to a top five and the No. 1 multi-serve brand in the category,” said Brent Willis, c.e.o. of New Age Beverages. “They led the category with innovation and built a truly differentiated brand in the space. Now with New Age’s resources, infrastructure and capabilities, we expect to help Coco-Libre grow to its full potential.”
The addition of Coco-Libre builds upon New Age Beverages’ growth plan to acquire new brands and companies to act as an accelerant and to expand its reach in the healthy functional beverages category. Additionally, New Age Beverages plans to leverage Coco-Libre as a coconut water sourcing platform for some of its planned new products.
As part of the combination, New Age Beverages has identified more than $5 million in cost and revenue synergies to be gained over the next 12 months. In cost synergies, the company said it will realize more than $3 million in immediate savings in operating expenses and infrastructure convergence.
|Candace Crawford, c.e.o. of Maverick Brands|
“This evolution provides Coco-Libre with the necessary resources to fund and scale the next phase of growth,” Ms. Crawford said. “Coco-Libre is now well positioned to build on its momentum through the New Age Beverage’s supply chain, manufacturing and national D.S.D. network, and we believe Coco-Libre will thrive in the New Age system.”Founded in 2003, New Age Beverages Corp. offers a range of ready-to-drink beverage brands, including XingTea, XingEnergy, Aspen Pure PH, Aspen Pure Probiotic Water, Búcha Live Kombucha, Marley One Drop Coffee and Marley Mellow Mood Relaxation Drinks. New Age Beverages products contain no preservatives, high-fructose corn syrup or G.M.O.s.