Palladium Equity Partners has sold its interest in GoodWest Industries to Sunny Sky Products, a portfolio company of private equity firm The Jordan Company.
GoodWest Industries is a supplier of beverage products such as coffee creamers, liquid sugar and iced coffees.
Palladium acquired its stake in the company in 2015 for an undisclosed sum. The size of its equity stake in GoodWest was also undisclosed.
Palladium partner Caleb Clark commented: “Since acquiring the company, GoodWest has experienced rapid growth across its core products, and entered new markets with innovative, on-trend product development. In light of the company’s strong momentum and plans for further expansion, we believe GoodWest is at an attractive inflection point to transition ownership.”
As part of the sale, New York-based Palladium retained GoodWest’s Jordan Skinny Mixes division, which manufactures low-calorie cocktail mixes and zero sugar coffee syrups, among other sauce and drink mixes.
Palladium principal Scott Kirschner said: “This transaction has an additional benefit for Palladium in that it has provided us with the opportunity to retain ownership of the Jordan’s Skinny Mixes division. Skinny Mixes is an outstanding business and we are very excited to partner with their talented team, including the founder Jordan Engelhardt, to continue to drive growth and deliver value for their customers and our investors.”
The Jordan Company portfolio business, Sunny Sky Products, manufactures hot, cold, and frozen beverage solutions and enhancer products to the convenience store and foodservice industries.
The Jordan Company acquired its stake in Sunny Sky in September 2021, providing an exit for Seidler Equity Partners, which was described as “a long-time minority shareholder” in a company statement.