Palladium Equity Partners Closes Sale of GoodWest Industries, Inc. to Sunny Sky Products, LLC

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Nov 09, 2022, 17:00 ET

NEW YORK, Nov. 9, 2022 /PRNewswire/ -- Palladium Equity Partners, LLC (along with its affiliates, "Palladium"), a Certified B Corp and the oldest minority-owned private equity buyout firm with $3 billion in assets under management, today announced that affiliates of the firm closed on the sale of GoodWest Industries, Inc., a leading manufacturer and supplier of low-acid aseptic beverages solutions, primarily selling shelf-stable and bag-in-box coffee creamers, cold brews and iced coffees – to Sunny Sky Products, LLC, a portfolio company of The Jordan Company, L.P. Palladium made its original majority investment in GoodWest in 2015. Financial terms were not disclosed.

In conjunction with the sale of GoodWest, Palladium retains its investment in the company's Jordan's Skinny Mixes division, the number one brand for zero-calorie and zero-sugar syrups, cocktail mixes and beverage enhancement products under the Jordan's Skinny Mixes and related brands. Since being acquired by GoodWest in 2019, the Skinny Mixes business has recorded significant growth and today is led by a dedicated management team from Clearwater, FL. Palladium believes the business has excellent growth potential.

"We are very excited to continue our partnership with the Palladium team," stated Tim Snyder, CEO of Skinny Mixes. "We believe the collaboration with Palladium as well as our continued partnership with Skinny Mixes' founder, Jordan Engelhardt, will help continue to drive growth and innovation in both our core channels as well as accelerate our successful launch into new channels of distribution. Skinny Mixes remains focused on bringing low-calorie and zero-sugar products to our loyal customers."

"Skinny Mixes growth since its acquisition in 2019 has been impressive. We believe the recent addition of CEO Tim Snyder will only continue the Skinny Mixes' exciting growth trajectory," Caleb Clark, Partner at Palladium, added. "We would like to thank the GoodWest management team for their dedication to the business during our ownership, which has driven this great outcome for the Company's stakeholders. We are confident that Sunny Sky and The Jordan Company will be a great partner to the team and continue to grow the business."

Kirkland & Ellis LLP acted as legal advisor to Sunny Sky. Greenberg Traurig LLP acted as legal advisor to GoodWest. Lincoln International acted as the financial advisor to GoodWest.

About Palladium Equity Partners, LLC
Palladium is the oldest minority-owned private equity buyout firm in the industry with $3 billion of assets under management. The firm seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital, strategic guidance and operational oversight. Since its founding in 1997, Palladium has invested over $3 billion of capital in 38 platform investments and 159 add-on acquisitions, realizing 23 of these platform investments. The firm focuses primarily on buyout investments targeting $50 million to $150 million in equity. The principals of the firm have meaningful experience in consumer, services, industrials, and healthcare businesses, with a special focus on companies they believe will benefit from the growth in the U.S. Hispanic population. Palladium, which is a Certified B Corp, is based in New York City. For more information, visit www.palladiumequity.com.

About Jordan's Skinny Mixes
Skinny Mixes empowers people to make healthier choices full of flavor and fun, from coffee to cocktails and everything in between. Enhance your favorite foods and beverages with guilt-free sweetness and flavor. Skinny Mixes is the leading manufacturer of low-calorie cocktail mixes, zero sugar coffee syrups, sauce toppings, on-the-go flavor bursts and many other specialty beverage items and gift sets. Skinny Mixes features best-selling Skinny Syrup flavors like Salted Caramel and Vanilla as well as fruity flavors like its viral Mermaid flavor burst, plus their fall fan favorite, Pumpkin Spice. Skinny Mixes and Syrups are proudly produced in the USA and are Gluten Free & Kosher. Skinny Mixes can be found in over 13,000 specialty retail locations across the United States, Canada, Australia and Europe. For more information, please visit www.SkinnyMixes.com and follow on social media at @SkinnyMixes.

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SOURCE Palladium Equity Partners