You are here
WHITE PLAINS, New York - Cadbury Schweppes plc has entered into an agreement to purchase Nantucket Allserve Inc. from Ocean Spray Cranberries Inc. and its minority shareholders for an undisclosed sum. Nantucket Nectars is a leading manufacturer of premium beverages and had reported net sales of $59 million in 2001.
The acquisition of Nantucket Nectars will strengthen Cadbury's position in the U.S. alternative beverage market by adding Nantucket Nectars' portfolio of premium, high juice content products to its portfolio.
Founded in 1990 on Nantucket Island, just off the coast of Massachusetts, Nantucket Nectars produces a line of beverages that includes juice cocktails, 100 percent juice products, and not-from concentrate "Squeezed Nectars."
Nantucket Nectars will be run alongside Cadbury Schweppes? other North American premium brands -- Snapple, Mistic, Orangina, Stewart's and Yoo-hoo -- through the Snapple Beverage Group (SBG). Jack Belsito, CEO of SBG commented, "Nantucket Nectars is a great addition to our premium beverage business. We're really thrilled to have the 'Juice Guys' on board!"
"I am excited that Cadbury wants to take Nantucket Nectars to the next level, and to be working with the innovative folks at the Snapple Beverage Group," said Tom First, one of the founders of Nantucket Nectars and one of the original "Juice Guys." "I know my grandmother would approve!"
The transaction, which is the acquisition of the Nantucket Nectars trademark, equity and small business interests on Nantucket Island, is subject to regulatory approval and will be funded from Cadbury Schweppes' existing debt facilities.