Cadbury Schweppes Plc, the maker of Snapple drinks, agreed to buy Ocean Spray Cranberries Inc.’s Nantucket Nectars for an undisclosed amount to expand its non-carbonated beverages business. The brand has annual sales of $59 million and a net asset value of $12.1 million, Cadbury said in a statement. Cadbury didn’t say how much it would pay and officials weren’t available to comment.
Cadbury, the No. 3 U.S. soda maker, has spent $3 billion on purchases since August 2000, adding lines such as Snapple and Orangina to its Dr Pepper and Canada Dry brands. Snapple helped fuel a 42 percent increase in the company’s North American beverage sales last year as consumers shifted from carbonated drinks.
Lakeville, Massachusetts-based Ocean Spray acquired control of Nantucket Nectars from co-founders Tom First and Tom Scott, who call themselves "The Juice Guys," in 1997 for $70 million, Ocean Spray spokesman Chris Phillips said.
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