Corby, the Canadian affiliate of wine and spirits multinational Pernod Ricard, has announced that it has signed an agreement to acquire 90% of Ace Beverage Group (ABG), a manufacturer of ready-to-drink alcoholic beverages, for C$148.5 million ($111.8 million).
The acquisition will add the Cottage Springs, Ace Hill, Cabana Coast, Liberty Village Beverage and Good Vines brands to Corby’s portfolio.
Commenting on the detail, Nicolas Krantz, Corby president and CEO said: “Corby’s sustained growth, as well as Pernod Ricard’s, relies on our ability to bring even more exciting choices to our consumers, by continually expanding into new and promising categories. RTDs are one such category and we are excited to partner with such visionary entrepreneurs to further develop our rich portfolio of RTDs now made up of ABG, Corby and Pernod Ricard brands”.
“With ABG, Corby becomes a key player in the Canadian RTD market, giving the scale and synergies needed in this category. It is well aligned with our ambition of building a global RTD business and capture our fair share”, added Fredrik Syren, Global Managing Director of RTD & Convenience at Pernod Ricard.
Corby said it expected to complete the deal in Q1 2024, subject to customary conditions, approvals and consents.
The firm will have a path to full ownership of ABG through a series of two call options on the remaining shares, exercisable in 2025 and 2028.
Source: Pernod Ricard / Corby