Private equity-owned Italian tea business Everton has acquired US-based peer Eastern Tea.
The financial terms of the deal were not disclosed.
Eastern Tea specialises in sourcing, packaging and blending black, green and herbal varieties under the Bromley and private-label brands.
It has been owned and managed by the Barbakoff family since 1982, and is “one of the major players in the North American tea market”, Clessidra Private Equity, Everton’s owner, said in a statement.
Eastern Tea employs 50 people at its production site in Monroe Township, New Jersey. It operates across retail and foodservice channels.
The deal is expected to boost Everton’s “commercial presence” in North America, giving it access to “on-the-ground” blending and packaging.
Following the transaction, Clessidra Private Equity said the combined business would “benefit from synergistic sourcing, distribution, commercial and innovation capabilities”, helping it to become “a premier global player” in the tea and infusions category.
Everton CEO Federico Dodero described the purchase as “a crucial milestone”.
He added: “Combining Eastern Tea manufacturing capabilities with Everton’s control over the entire supply chain will allow the group to offer a wide and innovative range of products to the North American customers.
“Together with our current and new clients we will explore any opportunity that will
enable us to boost sales and hence increase market shares of the private label teas in the US.”
The Barbakoff family is expected to remain with the business through a “partnership approach”, Dodero said. Eastern Tea’s operations will be “uninterrupted” by the purchase, the statement said.
Glen and Ira Barbakoff, Eastern Tea’s owners, added both parties would look to “further broaden” Eastern Tea’s portfolio of products “and strengthen our relationship with out partners”.
Milan-based Clessidra Private Equity acquired control of Everton in 2023 from investors including Cronos Capital Partners.
The Tagliolo Monferrato-headquartered tea group manages a 450 strong team and booked close to €45m in turnover in 2024.
It produces and packages branded and private-label black and green teas, as well as herbal products. It has operations domestically in Italy, as well as in Croatia and India.
