PROVIDENCE - Nautic Partners LLC, a middle-market private equity firm based in Providence, has completed the sale of Big Train Inc. to Kerry Group PLC, the company announced Wednesday.
The terms of the deal for the Lake Forest, Calif.-based beverage concentrate manufacturer were not disclosed.
Big Train is the manufacturer and marketer of liquid and powered beverage concentrates used for blended iced coffee, fruit smoothies, chai tea, cocoa drinks and various syrups, said a release announcing the transaction.
According to the release, Big Train distributes its products through multiple channels, including independent coffee houses, large retail chains and international distributors. “Big Train serves its approximately 14,000 coffeehouse customers directly, as well as through distributors,” said the statement.
“Our experience working alongside the Big Train management team has been excellent,” Bernie Buonanno, managing director at Nautic said in prepared remarks. “The strength of the company’s leadership and the high quality of its products are reflected in its double-digit growth over the last few years.”
Edwards Wildman Palmer acted as legal counsel for Big Train.
The Big Train sale was Nautic’s fourth liquidity event since November 2012, the release said. The three other exits were GCA Services Group to The Blackstone Group, Aavid Thermalloy to Audax Private Equity and Agilex Fragrances to MidOcean Partners.
PBN is now accepting applications for its newest award program and event for RI & Bristol County to celebrate the Manufacturing Renaissance that is evolving regionally and across the country. The deadline for applications is March 20th.
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.