Generous Brands, the beverage-focused unit of private equity firm Butterfly, is acquiring kombucha pioneer Health-Ade for USD 500m. The deal, which is set to close in Q3 2025, will significantly expand the brand portfolio of Generous Brands, pushing it closer to USD 1bn in combined annual retail sales.
Founded in 2012 by Diana and Justin Trout and Vanessa Dew, Health-Ade offers probiotic and organic acid-rich drinks targeting gut health. Its range has grown beyond traditional kombucha to include Health-Ade Plus, with adaptogens, and SunSip by Health-Ade, a prebiotic soda. The company’s products are now available in 65,000 retail locations across the U.S., generating USD 250m in annual retail sales.
Former majority shareholders First Bev and Manna Tree Partners, who acquired stakes in Health-Ade in 2021, will retain minority shares in Generous Brands. According to Steve Cornell, CEO of Generous Brands, the acquisition “fits perfectly into our platform and growth strategy,” capitalizing on the ongoing consumer shift toward health-oriented beverage choices.
Generous Brands was formed in 2024 after the split of Bolthouse Farms into two businesses: a produce unit (Bolthouse Fresh Foods) and a beverage-focused entity. Its existing lineup includes Bolthouse Farms smoothies and refrigerated dressings, Evolution Fresh juices, and Sambazon açaí-based drinks. The latest addition of Health-Ade will grow the beverage arm to four major brands.
This strategic move follows Generous Brands’ 2024 partnership with Sambazon for production and distribution at its Bakersfield facility, further enhancing operational synergies across its better-for-you beverage portfolio.
Chris Lansing, CEO of Health-Ade, described the acquisition as a “natural evolution” for the brand and sees it as a major step for the premium refrigerated beverage segment.
The transaction underscores Butterfly’s ongoing commitment to build a powerhouse in the refrigerated wellness drink category, following its 2019 acquisition of Bolthouse Farms from Campbell Soup Co. and the 2022 acquisition of Evolution Fresh from Starbucks.
