Adirondack Beverages, a maker of sodas and seltzers, has been purchased by a new management group that plans to expand operations.
Dillon, Read & Co., a Wall Street investment firm, paid an undisclosed amount of money for a majority stake in the company. Adirondack President Angelo Mastrangelo said the investment firm will help Adirondack become a $200-million-a-year company within the next five years.
Adirondack, based in the Schenectady suburb of Scotia, currently has sales of $60 million a year and employs 180 people. The company bottles sodas under the Adirondack, Waist Watcher and British American names.