By Abigail Summerville
NEW YORK 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 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)
