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Cott Extends Private Label Beverages Leadership With $500m Acquisition

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Cott Extends Private Label Beverages Leadership With $500m Acquisition

July 08
11:18 2010

Cott Corporation, the world’s largest retailer brand soft drinks company, is acquiring Cliffstar Corporation, the leading private label manufacturer of shelf stable juices, for a cash consideration of $500m.

Founded in 1970, New York-based Cliffstar is one of the leading suppliers of private label beverages and the largest private label producer of apple juice, grape juice, cranberry juice and juice-blends in North America. With revenues of $654m, Cliffstar operates eleven facilities in the US and has approximately 1,200 employees.

Cott has identified cost synergies of $20m on an annualised basis from the deal, of which $14m are expected to be realised in 2011.

“As the clear leader in private label shelf-stable juice, Cliffstar is an ideal partner for Cott as we strengthen our position in private label beverages,” says Jerry Fowden, chief executive of Cott. “A combination with Cliffstar expands Cott’s product portfolio and manufacturing capabilities, enhances our customer offering and growth prospects, and improves our strategic platform for the future. Combined with Cliffstar, Cott will be a more diversified company with long-term advantages for our shareowners and retailer partners.”

The combined business has pro forma annual revenue of $1.8b in North America and $2.3b globally with adjusted EBITDA of $246m.

Employing about 2,800 people, Cott operates bottling facilities in the US, Canada, the UK and Mexico. Cott markets non-alcoholic beverage concentrates in over 50 countries around the world.

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