Charlie's says it has rejected offers by rival industry players to buy it out and will forge on with its plans for international growth.
The company will look at capital raising options as it pushes to grow the Charlie's and Phoenix drinks brands across New Zealand, Australia and other markets.
Speculation had been mounting that a sale was on the cards after the Business Herald's Stock Takes column last month tipped that ABN Amro Craigs had been engaged as advisers for the company.
Last night the company confirmed that the investment bank had assisted the board in evaluating the various approaches.
"Despite indicative interest from various industry participants at or around current market pricing the board has determined that none of the approaches are an attractive level at this time," it said.
The company has had a number of approaches from industry players for all or parts of the business.
Charlie's shares closed yesterday at 11.5c, giving it market capitalisation of about $31.9 million. The shares have traded as high as 15c in the past 12 months.
Since listing in 2005, Charlie's has bought organic soft drinks company Phoenix as well as setting up juice making operations and establishing its brand in Australia.
In its six-month results to December 2008, the company reported a $661,000 loss despite growth in sales and revenue. Chairman Ted Van Arkel said at the time the company was focused on continuing to invest in the brands.
Most of the growth was now coming from the Australian market where sales had increased by 21 per cent, year on year, during the six-month period.
Charlie's chief executive Lepionka has built his career in the orange juice business.
As a 17-year-old in the 1980s he launched Stefan's - one of the first fresh juices on the market in New Zealand - after being inspired by a family holiday in Australia.
In 1994, after being approached by Frucor agents, Lepionka formed a joint venture with the beverage company.
He kept 25 per cent of Stefan's but sold out completely in 1997, unhappy with the way the partnership was being run.
He left New Zealand for London where he worked as a commodities trader (trading orange juice among other things).
On his return in 1999 he joined Charlie's, which had been co-founded by his childhood friend Marc Ellis.
The pair listed the company in 2005.
Ellis no longer has a management role but retains a significant shareholding and a seat on the board.
Plenty more juice in Charlie's squeezer
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