Cadbury Schweppes, the British confectionery and drinks producer which owns Dr Pepper and Snapple, has added another US drink brand to its portfolio via the acquisition of Nantucket Allserve from Ocean Spray Cranberries and a group of minority shareholders.
Nantucket Nectars is a leading manufacturer of premium beverages and had reported net sales of US$59 million (€67.3m) in 2001, Cadbury said. The price paid for the company was not disclosed.
The acquisition of Nantucket Nectars will strengthen Cadbury's position in the US alternative beverage market by adding Nantucket Nectars' portfolio of premium, high juice content products to its portfolio.
Nantucket Nectars will be run along side Cadbury Schweppes' other North American premium brands - Snapple, Mistic, Orangina, Stewart's and Yoo-Hoo - through the Snapple Beverage Group (SBG).
"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.
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.