Castillo Hermanos Expands its U.S. Presence by Acquiring Harvest Hill, with Strategic Support from Citi
CENTRAL AMERICA — With strategic backing from Citi, Castillo Hermanos signed an agreement with Brynwood Partners to acquire Harvest Hill, a manufacturer and distributor of leading U.S. beverage brands such as SunnyD and Juicy Juice. Centerview Capital also participated in the deal as an investor to support the expansion of Castillo Hermanos’s beverage unit.
“We are proud to have assisted Castillo Hermanos in this transaction, which helps strengthen its international presence. Citi acted as exclusive financial advisor to Castillo Hermanos and structured the financing for the acquisition. The deal demonstrates the value of Citi’s global network and local experience in linking opportunities, structuring financial solutions and supporting its clients’ expansion into other markets,” remarked Julio Álvarez, Managing Director of Citi.
The acquisition incorporates leading, scalable and complementary brands into the Castillo Hermanos beverage portfolio, giving it immediate access to main US retail outlets. The deal also facilitates the distribution of Castillo Hermanos’s brands, meeting nostalgia-driven demand from US Hispanic consumers.
Founded in 1886, Castillo Hermanos is a family-owned company and a leader in the Central American and Caribbean consumer market. It is present in more than 35 countries and encompasses a portfolio of upward of 75 brands, including Del Frutal, Raptor and Cerveza Gallo (marketed as Famosa Beer in the United States).
Harvest Hill was created in 2014 following Nestlé’s acquisition of the Juicy Juice® brand. Since then, it has experienced continued growth in the US market through the acquisition of brands such as HUG® and SunnyD®, strengthening its national production and distribution network.