Brynwood Partners VII acquires Cold Spring Brewing
Brynwood Partners VII has acquired Cold Spring from the Lenore family.
A Minnesota-based brewing company, Cold Spring produces energy drinks, carbonated flavoured waters, and craft beers.
While it primarily manufactures beverages for other companies' brands and retailers' private labels, Cold Spring also produces beer under its own brand 'Third Street Brewhouse', which is distributed in Minnesota and Wisconsin.
Cold Spring has more than $60m in net sales and employs approximately 350 people.
Brynwood Partners chairman and CEO Henk Hartong III said: "The well-run facilities and exciting growth plans for the company represent a great investment opportunity for Brynwood Partners.
"While Cold Spring will be operated as a standalone company, we believe it will benefit greatly from the scale and national distribution and manufacturing footprint of Brynwood Partners' Harvest Hill Beverage Company investment."
Brynwood Partners president and COO Ian MacTaggart said: "On behalf of Brynwood Partners, I would like to express my sincere gratitude to the Lenore family for working with us on this transaction.
"This marks Brynwood VII's sixth investment in the beverage sector and is a significant investment for our firm. We look forward to supporting Cold Spring's loyal employees and growing its operations in Cold Spring, where it has resided for 143 years and plays such an important role in the community."
Brynwood VII was represented by Holland & Knight for legal matters, while Cold Spring appointed Cascadia Capital as its investment banking advisor and Stinson Leonard Street for legal matters.