Kona Gold Beverage, Inc., a holding company focused on product development in the hemp and CBD functional beverage sector, has acquired S&S Beverage, Inc., maker of LEMIN Superior Lemonade.
Established in 2018, LEMIN Lemonade is a low-calorie lemonade available in four flavors: Original, Blue Raspberry, Peach and Strawberry. LEMIN is available around the country in popular chains, such as Kroger’s Wisconsin and Illinois stores, Sheetz, Woodmans, Festival Foods, Plaid Pantry, regional 7Elevens, Circle K’s North and South Carolina stores, and continues to focus on growth through grocery and C-store chains and large distribution partners.
Kona Gold Beverage acquired S&S Beverage through a combination of cash and stock. Bill Stineman, the founder and creator of LEMIN, has joined the Kona Gold team as VP of product management and innovation. In 2019, S&S Beverages' first full year of sales of LEMIN, it sold close to $900,000 in product.
"I am excited to be sharing with our stockholders the acquisition of S&S Beverage, makers of LEMIN Superior Lemonade, which is truly the best lemonade on the market," said Robert Clark, CEO of Kona Gold Beverage, Inc. "LEMIN will provide Kona Gold Beverage with a mainstream, better-for-you beverage product in its portfolio, opening many doors for our existing products. LEMIN has already established itself in many popular chains around the country and we expect to announce additional chains for the 2021 spring sets."
Stineman said he is excited to join the Kona Gold Beverage team.
"Kona Gold will provide a strong financial backing to help innovate, expand and grow all of our brands,” he said. “By combining our sales channels and Kona Gold's back office support, we will have the opportunity to take LEMIN and Kona Gold's beverage portfolio to the next level of retail chain relationships and larger distributor networks. I look forward to helping expand Kona Gold's current brands through LEMIN's national chain and direct store delivery customers, as well as expanding LEMIN through Kona Gold's established network of distributors."
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