PARIS, France – Pernod Ricard (Paris:RI) is happy to announce Corby Spirit and Wine (Corby) is to acquire a 90% stake in Ace Beverage Group (ABG), the largest independent player of the fast-growing Canadian ready-to-drink (RTD) market, at an Enterprise Value of CAD$165m. Corby 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.
Established in 2020, through the merger of Cottage Springs (founded 2013) and Ace Hill (founded 2015), Ace Beverage Group has become a Canadian RTD leader. Its flagship brand Cottage Springs is the leading RTD brand in Ontario, with bestselling products that include Cottage Springs Vodka Soda, Vodka Water and Tequila Soda. ABG also boasts a rich and diversified portfolio of other brands such as, Ace Hill, Cabana Coast and Liberty Village.
This acquisition enables Corby to add scale, expertise, agility and efficiencies in the dynamic Canadian RTD category. Canada is indeed one of the top global RTD markets and RTDs are one of the fastest growing beverage alcohol categories, enjoying +20% year on year growth between 2016 and 2021, and expected to pursue double-digit rate increases in coming years1.
Additionally, ABG will benefit from Corby’s powerful and extensive distribution network to support its brands in further growing their presence across Canada.
“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,” said Nicolas Krantz, President and CEO of Corby.
“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 Syrén, Global Managing Director of RTD & Convenience at Pernod Ricard.
“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,” said Cam McDonald, Co-Founder of Ace Beverage Group.
