Huron Capital’s Ronnoco Adds Eighth Company to Platform
Ronnoco expands presence across US with add-on acquisition of Beverage Solutions Group
Detroit, MI – March 11, 2019 – Lower-middle-market private equity firm Huron Capital today announced that its platform company Ronnoco Coffee (“Ronnoco”), a manufacturer and distributor of premium quality coffee, tea and related products, has acquired Beverage Solutions Group (“Beverage Solutions” or the “Company”), a provider of high-quality beverages and convenience store and foodservice industry equipment.
This is the eighth acquisition for Ronnoco in six years. Huron Capital acquired Ronnoco in 2012 as the platform investment for its ExecFactor ® initiative within high-growth beverage categories.
“We are excited about working with the great team at Beverage Solutions to focus together on expanding the combined portfolio of products, brands and equipment,” said Ronnoco Chief Executive Officer Terry McDaniel. “Beverage Solutions has built a strong reputation in the beverage industry and is a great fit for Ronnoco’s continued brand momentum.”
Beverage Solutions was founded in 1997 by Doug and Steve Thompson in Maynardville, Tennessee, and has become known for providing reliable, environmentally friendly, equipment and products ever since. The Company sells creamers, sweeteners, cappuccino and hot chocolate, in addition to foodservice equipment.
“We anticipate Ronnoco’s industry expertise will help us grow our current beverage equipment and brand offerings,” Beverage Solutions’ Co-Owner and President Steve Thompson said. “Doug and I feel this partnership will provide significant benefits for our employees and our customers.”
Working with over 70 distributors throughout the country, and with over 90 shipping locations, Beverage Solutions deepens Ronnoco’s presence throughout the U.S. in convenience stores, food service locations and offices.
“For over 20 years, Beverage Solutions has provided high-quality products and equipment along with excellent customer service,” said Matt Hare, Partner at Huron Capital. “The addition of Beverage Solutions expands Ronnoco’s national footprint from 35 to 43 states and provides additional distributor relationships.”
About Huron Capital
Based in Detroit, Huron Capital is an operationally-focused private equity firm with a long history of growing lower middle-market companies through our proprietary ExecFactor® buy-and-build investment model. We prefer complex situations where we can help companies reach their full potential by combining our operational approach, substantial capital base, and transaction experience with seasoned operating executives. Celebrating its twentieth anniversary in 2019, Huron Capital has raised over $1.8 billion in capital through six committed private equity funds and invested in over 170 companies, and our portfolio companies have employed over 11,000 people throughout North America. The Huron Capital buy-and-build investment model includes equity recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs, and management buyouts of companies having revenues up to $200 million. Huron Capital targets both control and non-control equity stakes in fundamentally-sound companies that can benefit from the firm’s operational approach to creating value. Huron Capital’s sector focus includes business services, consumer products & services and specialty industrials. For more information, please visit: www.huroncapital.com.
About Ronnoco Coffee
Ronnoco Coffee LLC roasts, blends, grinds, packages and distributes premium-quality coffee and teas under six primary brands: Ronnoco, Seattle Roast, Wild Horse Creek, Henderson, Coffee House and Camellia. The company provides a variety of other beverages, such as cappuccino, hot chocolate, and smoothies, and coffee-related products and equipment, including cups, flavoring syrups and condiments. Ronnoco supplies its products directly to its customers, as well as through a network of third-party distributors throughout more than 43 states. For more information, please visit: www.ronnoco.com.
About Beverage Solutions Group
Founded in 1997 by Doug and Steve Thompson, Beverage Solutions Group has been providing high-quality products, equipment and unparalleled customer service for over 20 years. The Company provides beverages and convenience store and foodservice industry equipment. Their food service equipment is built to the Company’s high exacting standards and is ETL listed, Foodservice Certified (NSF) and built to last. For more information, please visit: www.buybsg.com.