Pernod Ricard’s Corby Spirit and Wine is set to purchase a 90% stake in Ace Beverage Group at an enterprise value of CAD 165 million, the company said on Tuesday.
Founded in 2020 via the merger of Cottage Springs and Ace Hill, Ace Beverage Group has already become a leader in Canada’s ready-to-drink (RTD) market. The company’s flagship brand Cottage Springs is the top RTD brand in Ontario.
The acquisition is expected to allow Corby to add scale, expertise, agility and efficiencies in the dynamic Canadian RTD sector.
Via a series of two call options on the remaining shares that can be exercised in 2025 and 2028, Corby Spirit and Wine will be ensured a path to full ownership of Ace Beverage Group.
“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,” Nicolas Krantz, President and Chief Executive Officer of Corby, said in a press release.
“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,” Fredrik Syrén, Global Managing Director of RTD & Convenience at Pernod Ricard, commented.
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