Corby Spirit and Wine Ltd. has signed a deal to acquire Ace Beverage Group Inc. for $148.5 million.
Ace Beverage Group’s products include its flagship brand Cottage Springs (Vodka Soda, Vodka Water and Tequila Soda) as well as Ace Hill, Cabana Coast and Liberty Village.
Corby said the transaction adds scale to its portfolio in the ready-to-drink category.
"Corby's sustained growth relies on our ability to bring exciting choices to our consumers, by continually expanding into new and promising categories," said Nicolas Krantz, Corby's president and CEO, in a statement. "The Ace team has built an inspiring business, through a culture of execution excellence, consumer centricity and passionate people. We look forward to welcoming them to Corby and are excited about the benefits this acquisition will create for our consumers, customers, and shareholders."
Under the terms of the agreement, Corby will initially acquire 90% of the outstanding share capital and voting rights of Ace, with the remaining 10% mainly held by certain Ace founders.
The transaction is expected to close in the first quarter of Corby's fiscal year 2024.
"We are thrilled to join Corby, and are extremely proud of Ace's journey and accomplishments to date,” Ace Beverage Group's co-founder Cam McDonald said. “As we begin this next chapter, we believe the significant joined expertise, experience and resources will help our businesses to take the next step in our shared ambition of continuing to develop industry-leading beverages for consumers."