Detroit’s Huron Capital, a lower-middle-market private equity firm, has announced its platform company Ronnoco Beverage Solutions, a Missouri-based manufacturer and distributor of coffee, tea, and related products, has acquired Trident Beverage, a Texas-based beverage and dispensing products provider. Financial terms were not disclosed.
Trident has a presence in the school cafeteria, convenience, and foodservice markets. John Walker, president, and Patrick Walker, vice president, will continue to run the business.
“We are pleased to unite fronts with a company that is so aligned with our larger priorities,” Walker says. “Together, our extended line of complementary product offerings and service areas creates natural opportunities for expansion across the combined platform.”
Ronnoco has increased its industry reach to 43 states through nine acquisitions since Huron Capital invested in the company.
“The acquisition of Trident Beverage adds both complementary and related product lines to Ronnoco’s current beverage portfolio, making it a strong strategic fit,” says Terry McDaniel, CEO of Ronnoco. “We are incredibly enthused to welcome John, Patrick, and their dedicated team to the company as we jointly work to advance our mission for continued growth and innovative expansion.”
Ronnoco was founded in 1904. Huron Capital acquired it in 2012.
“We’re proud of the talent and growth Ronnoco has been able to achieve over the last eight years,” says Matt Hare, partner at Huron Capital. “We believe the addition of Trident will help Ronnoco continue to increase market share and provide our partners with a one-stop, full line of beverage solutions.”
Huron Capital celebrated its 20th anniversary in 2019 and has raised more than $1.8 billion in capital through six committed private equity funds and invested in more than 190 companies.