Monogram completes continuation fund for beverage company Mountaintop
- Partners Capital, TIFF, and H7 Capital also participated in the transaction
- The vehicle delivers significant liquidity to investors while positioning Monogram and Mountaintop’s management team to retain substantial exposure to the company’s next phase of growth
- Monogram first invested in Mountaintop in August 2021
Monogram Capital Partners has closed a single-asset continuation fund for Mountaintop Beverage, a Morgantown, West Virginia-based maker of beverages.
Apollo S3 was the lead investor. Partners Capital, TIFF, and H7 Capital also participated in the transaction.
The vehicle delivers significant liquidity to investors while positioning Monogram and Mountaintop’s management team to retain substantial exposure to the company’s next phase of growth.
The vehicle also provides Mountaintop the capital to fund its expansion program, including a 250,000-square-foot capacity addition that will bring the company’s Morgantown, West Virginia, campus to nearly 600,000 square feet, as well as future acquisitions.
Monogram first invested in Mountaintop in August 2021.
“Mountaintop represents precisely the kind of business we seek to back – a technically complex, capacity constrained supply chain partner providing essential services to some of the fastest-growing brands in the consumer space. We believe the flywheel between category-leading consumer brands and the supply chain and service businesses that power them is where the most differentiated, proprietary opportunities are found, and Mountaintop is a powerful embodiment of that thesis,” said Jared Stein, co-founder and partner at Monogram Capital Partners. “Demand for PET bottles and high-protein, functional beverages continues to outpace the industry’s constrained ability to produce them given the highly technical training required to do so, and low-acid aseptic processing is one of the hardest processes in beverage manufacturing to scale.:
Houlihan Lokey served as Monogram’s advisor on the continuation vehicle in connection with the transaction, with Proskauer Rose LLP, and Massumi + Consoli LLP serving as legal counsel to Monogram. Weil, Gotshal & Manges LLP served as legal counsel to Apollo S3.
