Ocean Spray buys into company that makes Nantucket Nectars
LAKEVILLE, Mass. (AP) _ Ocean Spray Cranberries has acquired a significant stake in Nantucket Allserve, the Cambridge-based company that makes Nantucket Nectars juices and fruit drinks.
The alliance gives Nantucket Allserve a partner with money, equipment and marketing savvy as it gears up for expansion. Ocean Spray, a fruit growers’ cooperative based in Lakeville, expands its offerings.
Neither company would say Tuesday how big a stake Ocean Spray had purchased, but Nantucket Allserve said Ocean Spray essentially had replaced Michael Egan as the company’s main investor.
Founded eight years ago by college friends Tom First and Tom Scott, Nantucket Allserve is known for producing exotic juice blends sold in single-serve containers.
First said he and Scott would continue to operate the company their way. ``Ocean Spray is making a significant investment, but our ownership stake is significant, too,″ First said.
Beverage industry analysts said Ocean Spray’s involvement could increase in the future if Nantucket Allserve decided to sell multiple-serving containers in supermarkets.
Nantucket Allserve, which employs about 100 people, had projected revenues of $45 million this year, up from $30 million last year. Ocean Spray, by comparison, had $1.43 billion in revenues in 1996.