‘Stars aligned’ on deal for shuttered Manna Beverages plant in West Sacramento
The idled Manna Beverages manufacturing plant in West Sacramento, which employed hundreds of people and shut down last month, was acquired Wednesday, according to investment firm officials.
Lenny Davis, CEO of Pittsburgh-based Harry Davis & Co., which specializes in food and beverage facility auctions and was an advisor on the sale, said there were multiple interested parties.
“We were able to weed out ‘tire-kickers’ and get to really just the folks who had a sincere interest in operating, and flying their flag in West Sacramento,” Davis said. “The stars really aligned here.”
Josh Young, principal with Miami-based 13th Floor Capital, said his firm and Vancouver-based Tricor Pacific Capital formed a new company called Redwood Beverage Group LLC, which was the successful bidder. The buyers’ intentions, he said, are to restart operations at the facility.
“The goal here is to restore jobs, bring back benefit to the community and try to create a successful company for the long term,” Young said. “Our two firms are both family offices with long-term, patient capital.”
Young said the sale closed Wednesday. Redwood Beverage Group will be headquartered at 2150 Stone Blvd., where the beverage plant is located.
Manna Beverages notified the state in early October that it planned to close its West Sacramento plant and warehouses, where 378 workers made and packed juices, energy drinks, teas and sparkling waters for some of the country’s largest beverage brands. The company simultaneously said it planned to shutter facilities in Anaheim and Chino, where an additional 260 people worked.
Several workers have since filed lawsuits over the closure, alleging the company failed to give proper notice ahead of the layoffs.
Young said the buyers plan to bring back as many workers as they can, although it may not be possible to re-hire all, because the plant will be reopened in phases.
“We’d like to create as many jobs as we possibly can,” Young said. “This is Day One. There’s a long road ahead.”
Davis said a similar process is underway for Manna’s facilities in Anaheim. West Sacramento, he said, just crossed “over the finish line first.”
Representatives for Manna did not immediately respond to a request for comment. The firms did not disclose the sale price.
