A method of cooling multiple beverage components involves: providing a heat exchanger comprising a plurality of sheets of heat transfer material and at least first and second flow channels defined by surfaces made at least in part by the sheets of heat transfer material; directing a first and second fluid respectively through the first and second flow channels, each of the first and second fluids being selected from the group consisting of non-carbonated water, carbonated water, beverage concentrates and non-concentrated beverages; placing ice in contact with at least one of the sheets of heat transfer material.