$325M Exit After Coke Walked Away From Suja Juice

Jeff Church co-founded Suja Juice in 2012 with $300,000 and a green juice that had a four-day shelf life. Within three years, the company hit $70 million in revenue, and Coca-Cola and Goldman Sachs invested $150 million at a $300 million valuation. Then, two weeks after Coke flew its entire North American management team to Suja’s plant, they passed on the option to buy the rest of the business, leaving Jeff with $40 million in maturing debt and a company losing $9 million a year.

In this episode of Built to Sell Radio, John sits down with Jeff, and you discover how to:

Get on an acquirer’s radar years before you plan to sell, and why quietly building credibility with buyers beats waiting for them to find you. Grab our eBook to learn more about appealing to different types of acquirers.

Spot the trap buried in a 2x liquidation preference before it swallows your entire exit

Structure a parallel fundraise so your angels and co-founders get paid, even when a preferred investor refuses to budge

Engineer a $30 million EBITDA swing in two years by killing your lowest-margin product line

Write your selling memorandum before you start the business, then work backwards to fill the holes

Decide between keeping 100% of a smaller company or a diluted stake in a much bigger one using a simple expected value calculation

Show Notes & Links

Connect with Jeff on LinkedIn
Check out Proda

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Definitions

Letter of Intent (LOI): This document outlines the basic terms and conditions of a deal before a formal agreement is drawn up. It serves as a mutual commitment between the buyer and the seller to move forward with the transaction on the agreed-upon terms.

Due-Diligence: This is a comprehensive appraisal of a business or investment undertaken before a merger, acquisition, or investment. It seeks to validate the information provided and uncover any potential risks or liabilities.

Earn-out: This is a financing arrangement for the purchase of a business, where the seller must meet certain performance goals before receiving the full purchase price. It reduces the buyer’s risk and aligns the interests of both parties post-acquisition.

About Our Guest

Jeff Church

Jeff Church is an entrepreneur, investor, and the co-founder and former CEO of Suja Juice. He helped grow the company from a local cold-pressed juice startup into a national brand generating more than $100 million in annual revenue, securing partnerships with Whole Foods, Coca-Cola, and Goldman Sachs along the way.

A Harvard Business School graduate and former private equity executive, Jeff now advises founders and consumer brands on fundraising, scaling businesses, and building enduring companies, drawing on decades of experience acquiring, growing, and exiting businesses.