Fullerton-based Dr. Smoothie Brands has been acquired on undisclosed terms by Bevolution Group in Chicago.
Dr. Smoothie Brands is a maker of beverage powders and smoothie products. Bevolution Group makes frozen cocktail mixes, sports drinks and enhanced waters.
Bevolution Group is a portfolio company of private equity firm Highlander Partners L.P. in Dallas, which invests in and lends to firms with sales from $10 million to $500 million; it typically invests $10 million to $75 million per transaction.
This is Bevolution Group’s third acquisition in 16 months, said Alex Guiva, chairman of Bevolution and partner at Highlander, in a statement.
In November it bought Tropics Mixology a maker of cocktail mixes to 3,500 restaurant and hospitality customers in 22 countries.
Bevolution was formed when Highlander Partners bought and integrated beverage makers Juice Tyme and Lemon-X in March 2015.
