LOS ANGELES–(BUSINESS WIRE)–Generous Brands, a Butterfly portfolio company and a leader in premium refrigerated beverages offering the Bolthouse Farms, Evolution Fresh and SAMBAZON brands, today announced it has signed a definitive agreement to acquire Health-Ade, a fast-growing leader and innovator in kombucha tea beverages, from private equity firms First Bev and Manna Tree Partners (“Manna Tree”), who will also continue on as minority shareholders in Generous Brands.

Generous Brands is a leading platform in premium refrigerated beverages in North America and is dedicated to inspiring people to thrive through the power of vibrant nutrition. Following the close of this transaction, the company will have four brands (Bolthouse Farms, Evolution Fresh, Health-Ade and SAMBAZON beverages) that span the juice, smoothie, kombucha, cold-pressed, protein, coffee and alternative soda categories. The portfolio will be distributed in a diverse set of channels and have nearly $1 billion in retail sales. Generous Brands also produces and sells premium refrigerated dressings under the Bolthouse Farms brand. With significant owned manufacturing capabilities, a differentiated distribution network and a best-in-class commercial organization, Generous Brands is well-positioned to deliver growth and innovation for retailers and consumers alike for years to come.

As health-conscious consumers continue to prioritize a healthy lifestyle, Generous Brands is strongly positioned for the future with its leading brands, which offer an assortment of beverages packed with clean ingredients, including nutritional shakes & smoothies, and super premium juices. Health-Ade is one of the leading brands in the kombucha segment, which has been propelled in recent years by consumer interest in gut health products; Health-Ade’s category-leading kombuchas offer delicious functionality powered with probiotics and immune-boosting antioxidants.

“Consumers have entirely redefined the role of beverages and it’s reshaping the future. They have shifted from just prioritizing taste and exciting flavors to looking for beverages that are also enhanced with healthier ingredients and nutritional benefits,” said Steve Cornell, CEO of Generous Brands. “With its purpose-led brand and products that are positioned at the intersection of delicious taste and modern health trends, Health-Ade fits perfectly into our platform and growth strategy. This exciting addition to the Generous Brands portfolio will accelerate our mission of inspiring more people to thrive through the power of vibrant nutrition.”

Since its founding in 2012, Health-Ade has evolved from selling its flagship kombucha at local farmers markets into what is now a top-selling functional beverage brand in the U.S., with retail sales approaching $250 million annually and products in 65,000 outlets nationwide, spanning all major retail channels. The kombucha segment has experienced consistent growth over the last five years, and Health-Ade is on track to continue growing in this expanding category. With the addition of Health-Ade, Generous Brands expects to bring the benefits of scale to consumers and retailers – faster and more transformative innovation, broader availability, and additional investments to drive overall category growth for retail partners.

“This announcement marks a natural evolution in Health-Ade’s journey and an exciting milestone for the premium refrigerated beverage category,” said Chris Lansing, CEO at Health-Ade. “Health-Ade and Generous Brands are aligned in their unwavering commitment to delivering exceptional taste while prioritizing clean, nutritious ingredients. We are excited and confident that Generous Brands is the right platform to unlock Health-Ade’s full potential and introduce even more people to the power of gut-healthy beverages. We are grateful to our founders who helped pioneer this category, and to First Bev and Manna Tree for their support and partnership to help us grow to where we are today.”

Generous Brands was established in May 2024 as a leading pure-play premium refrigerated beverage platform with Butterfly’s separation of Bolthouse Farms into two standalone entities: Bolthouse Fresh Foods, which encompasses the legacy produce operations of Bolthouse Farms and is a leading supplier of fresh carrots, and Generous Brands.

“We are big believers in the growth of fresh, functional beverages and Generous Brands’ focus on delivering vibrant nutrition to consumers,” said Adam Waglay, Co-Founder and Co-CEO of Butterfly. “Acquiring strong, ‘gutsy’ brands is a key pillar of that vision, and the addition of Health-Ade to the Generous Brands platform demonstrates that strategy in action. We are excited to embark on this next stage of growth.”

With First Bev and Manna Tree, Health-Ade focused on expanding distribution and profitability through operational excellence, innovation, and brand building, becoming the fastest-growing kombucha brand with strong momentum for continued growth.

“Manna Tree’s mission is to identify, invest in, and scale companies that empower consumers to live better, longer lives,” said Steve Young, Managing Partner of Manna Tree. “We are proud to have partnered with Health-Ade and its management team to support the company’s growth and expansion over the last several years to bring the brand to a place where even more consumers can enjoy their delicious, functional, and good-for-you beverages. We look forward to partnering with Butterfly to fuel Health-Ade’s next chapter.”

“From its early days at farmers markets, we recognized Health-Ade’s exceptional potential and are incredibly proud to have supported the business from a start-up to a cornerstone brand,” said Kyle Wheeler, Managing Partner of First Bev. “Health-Ade is a transformational beverage company with an unwavering commitment to authentic innovation, quality, and the ability to build genuine consumer connection around functional wellness. Becoming part of Generous Brands represents the natural next chapter in Health-Ade’s remarkable growth story. We look forward to the brand and platform reaching even greater heights.”

The transaction is subject to customary closing conditions and is expected to close in Q3 2025. Terms of the transaction were not disclosed.

Advisors

Lazard is acting as financial advisor to Health-Ade and Baker McKenzie is acting as its legal advisor. Kirkland & Ellis advised Generous Brands and Butterfly as their legal counsel.

About Generous Brands

Generous Brands brings fresh, vibrant nutrition to market through its leading brands, Bolthouse Farms, Evolution Fresh, and SAMBAZON beverages. Bolthouse Farms is a pre-eminent provider of chilled juice, smoothies, shakes, and protein drinks while Evolution Fresh is a premier cold-pressed juice brand with national availability. Generous Brands is a portfolio company of Butterfly, a leading private equity firm that specializes in the food sector with a particular focus on high-growth, on-trend categories. The company operates its North American business from facilities in Bakersfield, CA, Rancho Cucamonga, CA, and the Greater Chicago Area. To learn more, please visit www.generousbrands.com.

About Health-Ade

Health-Ade is dedicated to creating bubbly beverages that boost gut health and overall well-being. Originating in the Brentwood Farmers Market in 2012, the brand quickly became a favorite in Southern California and now boasts a presence in over 65,000 stores nationwide. All kombucha products are naturally fermented, organic, non-GMO, gluten-free, and vegan, with each 16 oz bottle surpassing the World Health Organization’s daily probiotic standards.

About Butterfly

Butterfly is a Los Angeles, California-based private equity firm that invests exclusively in the $26 trillion food sector. Butterfly is a leading “seed to fork” food ecosystem investor in North America and seeks to generate consistent investment returns through deep sector expertise, a data-driven investment process, and an operations-driven approach to value creation. Since its founding in 2016, the firm has invested in a diverse portfolio of category-leading businesses representing approximately $8 billion in enterprise value including The Duckhorn Portfolio, Rise Baking Company, Actus Nutrition, Chosen Foods, MaryRuth Organics, Pete and Gerry’s, Orgain, Generous Brands, Bolthouse Fresh Foods, QDOBA, and Pacifico Aquaculture. To learn more, please visit https://www.bfly.com/.

About Manna Tree

Founded by Gabrielle (Ellie) Rubenstein and Ross Iverson in 2018, Manna Tree is a global private equity firm committed to investing in companies that empower consumers to live better, longer. The firm strategically invests in the consumer sector, particularly within the health and wellness ecosystem, focusing on growth-stage and buyout opportunities. Manna Tree has made investments in 13 companies to date: Health-Ade, Gotham Greens, Vital Farms, Good Culture, Verde Farms, True Food Kitchen, Tandem Foods, MycoTechnology, Nutriati, Urban Remedy, The New Primal, Infinant Health and Kimelo.

About First Bev

First Bev invests in innovative and transformational beverage brands, helping beverage companies grow and stand out in a dynamic and competitive industry. We form true partnerships with our portfolio companies and the entrepreneurs leading them by leveraging both our financial and intellectual capital. Headquartered in Los Angeles, the First Bev team is made up of entrepreneurial senior beverage executives with decades of collective industry experience. For more information, please visit www.firstbev.com.