Melbourne, Florida-based Kona Gold Solutions Inc., a hemp and CBD lifestyle brand focused on product development in the functional beverage sector, announced Feb. 13 it has signed an LOI (Letter of Intent) to acquire Flo Beverages LLC, located in Longwood, Florida. Kona Gold will be performing its due diligence over the next few weeks and expects to close the acquisition within 30 days.
Flo Beverages, established in 2015, first entered the energy drink market with its SoFlo organic energy drinks, formulated and co-packed in-house and available throughout Florida. The company has since grown and operates out of a 3,000-s.f. facility in Longwood, which is a USDA certified organic co-packing facility. Flo Beverages recently launched LiKuid, an all organic ketogenic energy drink, available in three flavors, which is currently distributed in Florida and Puerto Rico. The company operates a new, state of the art co-packing line and does all formulation in-house.
“I am very excited to announce the LOI to acquire Flo Beverages, an exciting company with smart ownership and great products,” stated Robert Clark, CEO of Kona Gold Solutions Inc. “Started by brothers Lance and Evan Adler, Flo brings to Kona Gold Solutions an exciting product line in LiKuid, a ketogenic energy drink, and a team that runs a USDA organic certified facility that knows how to formulate great tasting beverages. Flo operates its own production line, which brings exciting opportunities in offering co-packing for small to medium companies and producing limited seasonal runs.”
Clark said this year Kona Gold Solutions is looking to add a new product line, an all organic CBD energy drink.
“The acquisition of Flo Beverages provides the company now with in-house resources to tap into,” he said. “We are excited about the opportunities Flo brings to Kona Gold and the resources Kona Gold will offer Flo to build its distribution footprint with LiKuid.”
Kona Gold Solutions, a Delaware corporation, has created wholly owned subsidiaries Kona Gold LLC, HighDrate LLC and Gold Leaf Distribution LLC. Kona Gold LLC has developed a premium hemp infused energy drink line.
