Apr 22, 2024 (MarketLine via COMTEX) --
Corby Spirit and Wine Limited has bought Canadian ready-to-drink brand Nude Beverages.
The company, majority owned by Pernod Ricard, is paying C$11m ($8m) to acquire the Nude brand from MXM Beverages. The deal was carried out through Corby Spirit and Wine subsidiary Ace Beverage Group.
Set up in 2017, The first product, a 5% sugar-free vodka soda, was launched in 2017. The Nude Beverages portfolio includes the brands Los Flamingos and Slappy's.
“Nude's standing as a key RTD player in the western Canadian market perfectly complements our existing position in Ontario, paving the way for a national platform to introduce cutting-edge RTD innovations to consumers nationwide,” Ace Beverage Group CEO Cam McDonald said.
The deal is subject to closing conditions and the approval of the Supreme Court of British Columbia. Corby Spirit and Wine expects the acquisition to be completed in the second half of 2024.
Pernod Ricard has held a 51% shareholding in Corby Spirit and Wine since 2005.
Corby Spirit and Wine acquired a 90% stake in Canadian RTD producer Ace Beverage Group last year.
The deal, struck for C$185.5m ($111m), included an option for Corby to fully acquire the RTD manufacturer through a series of call options on the remaining shares that can be enacted in 2025 and 2028.
Ace Beverage Group was founded in 2020 when Cottage Springs and Ace Hill merged, making ABG one of Canada’s largest independent RTD producers. Its core brands are Cottage Springs vodka soda, vodka water, Ace Hill and Tequila soda.
In 2022, Pernod Ricard invested $22m into a production facility in Fort Smith, Arkansas, as the group looked to improve its RTD cocktail manufacturing capabilities in North America. That investment included the installation of a high-speed canning line and eight 50,000-gallon (190,000l) tanks.
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COMTEX_451243511/2227/2024-04-22T16:40:59
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