Fullerton-based Dr. Smoothie Brands was acquired on undisclosed terms by Bevolution Group in Chicago.
Dr. Smoothie makes beverage powders and smoothie products.
Bevolution makes frozen cocktail mixes, sports drinks and enhanced waters and is a portfolio company of private-equity firm Highlander Partners L.P. in Dallas, which invests in and lends to firms with sales of $10 million to $500 million. It typically invests $10 million to $75 million per transaction.
The deal 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 that serves 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.
—Michael de los Reyes
