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Pernod Ricard to acquire majority stake in Ace Beverage Group
Pernod Ricard’s Corby Spirit and Wine division is set to acquire a 90% stake in Canadian RTD company Ace Beverage Group (ABG) for CAD$165 million.
Corby, Canada’s second largest marketer and distributor of spirits and wines, is majority owned by Pernod Ricard. The deal sets in place for Pernod a path to full ownership of ABG through a series of two call options on the remaining shares, exercisable in 2025 and 2028.
ABG, which was established in 2020 through the merger of Cottage Springs (founded 2013) and Ace Hill (founded 2015), produces the flagship brand Cottage Springs which is the leading RTD brand in Ontario. Other bestselling ABG products include: Cottage Springs Vodka Soda, Vodka Water and Tequila Soda. The company also includes other brands such as: Ace Hill, Cabana Coast and Liberty Village.
According to Pernod Ricard, this acquisition will enable its Corby division to add scale, expertise, agility and efficiencies in the Canadian RTD category while also helping ABG benefit from its distribution network to support its brands in further growing their presence across Canada.
Speaking about the deal, Corby president and CEO Nicolas Krantz 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.”
Pernod Ricard global managing director of RTD and convenience Fredrik Syrén explained: “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.”
ABG co-founder Cam McDonald added: “We are thrilled to join Corby, and are extremely proud of Ace’s journey and accomplishments to date. As we begin this next chapter, we believe the combined expertise, experience and resources will help our businesses take the next step in our shared ambition of continuing to develop industry-leading beverages for consumers.”