New York-based Apple & Eve Strikes Deal to Be Acquired by Lassonde Industries for $150MM

PORT WASHINGTON, N.Y., July 7, 2014 /PRNewswire/ -- Apple & Eve LLC, the leading independent branded juice company in the United States, together with its private equity investor ClearLight Partners, announced today that it has agreed to be acquired by Lassonde Industries Inc.

Apple & Eve LLC, based in Port Washington, New York, was founded by the Crane family 40 years ago with a focus on delivering healthy, natural juice products.  The Company offers more than one hundred different juice products sold under its iconic flagship brand name, Apple & Eve, and includes a portfolio of sub brands including Organics, Fruitables, Quenchers, Waterfruits and Sesame Street.  Additionally, it owns and markets juices under Northland, Seneca and The Switch brands.

Apple & Eve, a pioneer in the juice industry, has grown over the decades by anticipating consumer trends.  Among its many innovations, the Company introduced the first Unfiltered, Natural Style Apple Juice in grocery stores in 1975; the first line of 100% Juice Cranberry Blends in 1978; the first 100% Juice Box in 1982; and, Fruitables, the first Fruit and Vegetable Juice box for kids, in 2009.

Gordon Crane, the Founder, President, and CEO of Apple & Eve, commented, "I am so proud of what we have built at Apple & Eve over the last 40 years, and as CEO I look forward to entering a new exciting chapter in our Company's history.  By joining Lassonde Industries, I am confident that our combined entities will deliver strong growth behind the brands we have built.  We will remain highly focused on creating innovative, on-trend products under the widely recognized Apple & Eve brand and our other strong brands.  I have thoroughly enjoyed working with ClearLight over the past seven years. They proved to be a value-added partner in growing and improving our business."

Michael Kaye, Founder and Managing Partner of ClearLight Partners, further noted, "Apple & Eve's strong track record reflects the strength of the company's brands, commitment to innovation, and quality of management and employees.  We wish Gordon Crane and the entire Apple & Eve management and employees much continued success."

Houlihan Lokey Capital, Inc. acted as financial advisor to Apple & Eve and ClearLight Partners, and Armstrong Teasdale served as company counsel on the transaction.  The transaction is subject to regulatory approvals and customary closing conditions.

About Apple & Eve
Apple & Eve is the leading independent branded juice company in the U.S. Founded in 1975 and headquartered in Port Washington, NY, the Company offers more than one hundred healthy and great tasting juice products sold under a broad portfolio of leading brands.  Apple & Eve's products enjoy national distribution through a variety of channels including supermarkets, mass merchandisers, warehouse clubs, natural food stores, convenience and school food service.  For more information, visit www.appleandeve.com.

About ClearLight Partners
ClearLight Partners is a private equity firm located in Newport Beach, CA with $900 million of assets under management. The team at ClearLight has extensive operating and financial experience, and invests in and contributes to the expansion of established and profitable businesses. ClearLight focuses on investing in middle-market companies that are profitable market leaders in industries that include industrial technologies, specialty manufacturing, consumer products and services, business services, and health care services.

ClearLight is actively searching for investments for its third fund, ClearLight Partners III which has committed capital of $300 million.

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SOURCE Apple & Eve, LLC