Detroit-based Huron Capital’s Ronnoco Coffee, which is based in Missouri, has acquired Beverage Solutions Group in Tennessee, marking the eighth acquisition for Ronnoco in six years. Huron Capital is a lower-middle-market private equity firm. Details of the transaction were not disclosed.
Ronnoco is a distributor of coffee, tea, and related products. Beverage Solutions provides beverages and convenience stores and foodservice industry equipment.
Huron Capital acquired Ronnoco in 2012 as the platform investment for its ExecFactor initiative within high-growth beverage categories.
“Beverage Solutions has built a strong reputation in the beverage industry and is a great fit for Ronnoco’s continued brand momentum,” says Terry McDaniel, CEO of Ronnoco.
Beverage Solutions was founded in 1997 and offers environmentally friendly equipment and products including creamers, sweeteners, cappuccino, and hot chocolate.
“We anticipate Ronnoco’s industry expertise will help us grow our current beverage equipment and brand offerings,” says Steve Thompson, president and co-owner of Beverage Solutions. “Doug (Thompson, co-founder) and I feel this partnership will provide significant benefits for our employees and our customers.”
Beverage Solutions has more than 70 distributors across the country and more than 90 shipping locations.
“For over 20 years, Beverage Solutions has provided high-quality products and equipment along with excellent customer service,” says 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.”
Huron Capital is celebrating its 20th anniversary this year and has raised more than $1.8 billion in capital through six committed private equity funds, investing in more than 170 companies. Its ExecFactor buy-and-build investment model works to grow lower-middle-market companies.