Prior Investment-PLEDGE FUND
Acquisition date: July 11, 2003
Disposition date: April 8, 2011
Manufacturer and distributor of refrigerated apple cider and cider blends
M.H. Zeigler & Sons, LLC ("Zeigler"), one of the country's largest manufacturers and distributors of refrigerated apple cider and cider blends, sold primarily through the grocery channel. The company achieved consistent growth by broadening its distribution outside its traditional northeastern stronghold and by introducing Zeigler’s brand lemonades and iced teas.
In partnership with management, Clearview acquired 100% of the company from its parent, Ultimate Juice Company, which is a portfolio company of North Castle Partners. To provide additional incentive for management, Clearview created an option plan to provide management with the opportunity to acquire a larger stake in the company.
The transaction, which was completed on July 11, 2003, was financed with equity from Clearview's Pledge Fund, with mezzanine debt from New Canaan Funding and Brookside Pecks Capital Partners, and with a senior debt facility provided by LaSalle Business Credit, Inc.
Clearview sold Zeigler's to LiDestri Foods on April 8, 2011.