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STAMFORD, Conn. -- Nestle Waters North America Inc. signed an agreement to acquire the Austin-based Sweet Leaf Tea Co., which includes the Sweet Leaf and Tradewinds beverage brands, the companies reported. Nestle Waters made an initial investment in Sweet Leaf in March 2009.
"Sweet Leaf Tea is a company founded on premium ingredients and a commitment to good health and great flavors, in step with Nestle Waters North America's long history of providing healthful bottled water beverages," Dan Costello, Chief Executive Officer of Sweet Leaf Tea Co. said in a released statement. "With Nestle Waters bringing increased capabilities, we will be able to offer Sweet Leaf and Tradewinds beverages to more people across the US."
This acquisition, which remains subject to applicable regulatory approval and satisfaction of other customary closing conditions, will expand the company's beverage portfolio of bottled water to include high-quality iced teas, lemonades and juice drinks.
The Sweet Leaf and Tradewinds brands' combined sales totaled more than $53 million in 2010, and the Austin-led staff will continue managing these brands for further growth, according to the companies