Abstract: An apparatus is provided for dispensing a beverage made from a mixture of drink concentrate and water. The apparatus includes a valve assembly for controlling the rate of water and drink concentrate flow. A first conduit delivers water from a water source to the valve assembly. Additionally, the apparatus includes a second conduit for delivering drink concentrate from the drink concentrate source to the valve assembly. The valve assembly includes a flow control valve having a housing including a cavity, a fluid inlet and a fluid outlet. A cylindrical valve body is received in the cavity and includes a stepped arrangement of flow apertures radially arrayed about the valve body. Each flow aperture is spaced from an adjacent flow aperture by at least a 45.degree. arc. Additionally, each flow aperture has a diameter of between 1/20 and 1/40 of an inch. The valve assembly functions to provide a water to drink concentrate ratio of between 120:1-135:1.