M&A Deal Summary

Kerry Acquires Oregon Chai

On March 1, 2004, Kerry acquired beverage company Oregon Chai from Swander Pace Capital and Sherbrooke Capital Partners for 96M USD

Acquisition Highlights
  • This is Kerry’s 1st transaction in the Beverages sector.
  • This is Kerry’s 3rd largest (disclosed) transaction.
  • This is Kerry’s 3rd transaction in the United States.
  • This is Kerry’s 1st transaction in Oregon.

M&A Deal Summary
Date 2004-03-01
Target Oregon Chai
Sector Beverages
Buyer(s) Kerry
Sellers(s) Swander Pace Capital
Sherbrooke Capital Partners
Deal Type Add-on Acquisition
Deal Value 96M USD
Advisor(s) Farlie Turner & Co. (Financial)

Target

Oregon Chai

Portland, Oregon, United States
Oregon Chai, Inc. is a provider of national brand of chai (specialty spiced tea) beverages. Oregon Chai distributes its liquid concentrate, dry powder mix, and ready-to-drink bottled products primarily through natural food distributors, retail grocery stores, and foodservice distributors.

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Buyer(S) 1

Buyer

Kerry

Tralee, Ireland
Category Company
Founded 1972
Sector Food
Employees21,000
Revenue 8.0B EUR (2023)
DESCRIPTION

Kerry together with its subsidiaries, develops, manufactures, and delivers technology based ingredients, flavors, and integrated solutions for the food, beverage, and pharmaceutical industries in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. Kerry was founded in 1972 and is based in Tralee, Ireland.

DEAL STATS #
Overall 3 of 19
Sector (Beverages) 1 of 3
Type (Add-on Acquisition) 3 of 16
State (Oregon) 1 of 1
Country (United States) 3 of 13
Year (2004) 1 of 1
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-01-07 Stearns & Lehman

Mansfield, Ohio, United States

Stearns & Lehman, Inc. manufactures and markets specialty food products, including coffee and espresso flavorings, syrups, oils and toppings, extracts, flavorings, dressings, specialty sugars, and frozen beverage products.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-01 Noon Products

Southall, United Kingdom

Noon Products Ltd. produces and supplies Indian and oriental prepared food for the retail sector in the United Kingdom.

Buy -

Seller(S) 2

SELLER

Swander Pace Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 1.8B USD
Size Large
Type Sector Focused
DESCRIPTION

Swander Pace Capital (SPC) is a private equity firm focused on investing in North American middle-market consumer products companies. SPC looks for companies exhibiting strong growth potential and sales of up to $500 million. Specific areas of interest include food/beverage, household products, health living, packaging, personal care, pet products, sporting goods, specialty apparel, and specialty distribution. Prospective investment situations include management-led buyouts, consolidations, divestitures, turnarounds, recapitalizations, and growth capital financings. SPC was formed in 1996 and has offices in San Francisco, California; Bedminster, New Jersey; and Ontario, Canada.

DEAL STATS #
Overall 6 of 42
Sector (Beverages) 2 of 2
Type (Add-on Acquisition) 3 of 25
State (Oregon) 1 of 2
Country (United States) 6 of 35
Year (2004) 3 of 4
Size (of disclosed) 7 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-03-01 Nonni s

Tulsa, Oklahoma, United States

Nonni's is a manufacturer and marketer of artisanal cookies and other premium baked snacks. Nonni’s premium products are synonymous with artisanal, authentic, and Italian-inspired. Products are marketed under the Nonni’s, THINaddictives, and La Dolce Vita brand names, and sold through a diverse distribution platform that includes major customers in club, grocery, mass market, foodservice, and online retailing. Nonni's was founded in 1988 and is based in Tulsa, Oklahoma.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-06-30 Solvaira Specialty

North Tonawanda, New York, United States

Solvaira Specialty LP is a producer of powdered cellulose and fiber filler products used for food and industrial applications. Solvaira Specialty was founded in 1917 and is based in North Tonawanda, New York.

Buy -
SELLER

Sherbrooke Capital Partners

Category Growth Capital Firm
Founded 1999
Size Small
Type Sector Agnostic
DESCRIPTION

Sherbrooke Capital Partners is a private equity firm focused on growth oriented investments in consumer companies. The Firm looks to invest up to $10 million in companies generating $5 to $25 million in revenue. Specific areas of interest include food, beverages, nutrition/wellness, personal care, household products, animal care, green living, education, and e-commerce. Sherbrooke Capital Partners was formed in 1999 and is based in Wellesley, Massachusetts.

DEAL STATS #
Overall 2 of 9
Sector (Beverages) 1 of 1
Type (Add-on Acquisition) 2 of 7
State (Oregon) 1 of 1
Country (United States) 2 of 9
Year (2004) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-01-01 TransMedics

Andover, Massachusetts, United States

TransMedics is a medical device company that develops a novel device for preserving human organs during transport from organ donor to recipient. TransMedics was founded in 1998 and is based in Andover, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-08-01 Affinnova

Waltham, Massachusetts, United States

Affinnova is a technology platform of choice for companies seeking to dramatically improve their innovation and marketing success rates.

Buy -
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