Hard kombucha brewer JuneShine explores sale -sources

Perella Weinberg Partners

06/10/2023 22:11

By Abigail Summerville
       NEW YORK, Oct 6 (Reuters) - Kombucha beverage brewer
JuneShine, which counts celebrities like comedian Whitney
Cummings and YouTube star Cody Ko among its investors, is
exploring a sale with the help of a financial advisor, people
familiar with the matter said on Friday.
    Investment bank Perella Weinberg Partners  PWP.O  is
advising San Diego-based JuneShine on a sale process that could
value the alcoholic beverage maker at over $100 million, the
sources said, cautioning that no deal is guaranteed. 
    Launched in 2018 by Greg Serrao and Forrest Dein out of
their garage in San Diego, JuneShine expects to generate around
$40 million of revenue in 2023, the sources said.
    Perella Weinberg declined to comment. JuneShine could not be
reached for comment.  
    A kombucha beverage is a type of fermented and sweetened tea
with a vinegary taste that has been marketed as a health drink
and has gained in popularity across the world in recent years.
    Brands like JuneShine specialize in hard kombucha drinks,
which are typically fermented longer with more sugar and yeast
to increase their alcohol content. 
    JuneShine sells several flavors of canned hard kombucha and
cocktails online and in stores across the country. It also
operates tasting rooms in California and New York.
    Potential acquirers for JuneShine and other brands are
starting to ramp up bets in the niche kombucha market, which is
expected to be worth about $425 million by 2032, from $55
million in 2023, according to market research firm Market.Us. 

 (Reporting by Abigail Summerville in New York, Editing by
Rosalba O'Brien)
 ((abigail.summerville@thomsonreuters.com;))