HICKSVILLE, N.Y. -- Ready-to-drink-tea maker Long Island Iced Tea Corp. will expand its scope with the purchase of the Alo Juice beverage brand and trademark from Wilnah International LLC.
Long Island Iced Tea has acted as a distributor of Alo Juice since February 2016 and has sold nearly $1 million of Alo Juice to date, according to the company. It believes the acquisition will enable Long Island Iced Tea to meet growing consumer demand for better-for-you beverages.
"We are continuing to see a shift toward healthier beverages, and Alo Juice offers a product which is aligned with this movement," said Philip Thomas, CEO of Long Island Iced Tea. "Alo Juice is a quality brand. We are excited that it will mark the first brand acquisition in our five-year history."
Korea-made Alo Juice is a functional beverage made from juice derived from aloe vera. Alo Juice, which sources its aloe plants from Thailand, is packed in 0.5-liter and 1.5-liter bottles, with a wide variety of flavors including Original, Mango, Pomegranate, Pineapple and Raspberry.
Long Island Iced Tea purchased Alo Juice for 5,000 shares of the company's common stock. The closing of the transaction is subject to customary conditions and is expected to occur in the first quarter of 2017.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.