Corby Spirit and Wine Limited has acquired the Canadian ready-to-drink brand, Nude Beverages.
Majority owned by Pernod Ricard, the company is set to pay C$11 million ($8 million) for the acquisition of the Nude brand from MXM Beverages. The transaction was conducted via Corby Spirit and Wine’s subsidiary, Ace Beverage Group.
Established in 2017 and based in Vancouver, Nude Beverages specializes in ready-to-drink beverages that are free from sugar and sweeteners. Their inaugural product, a 5% sugar-free vodka soda, debuted in the same year. Among their offerings are the brands Los Flamingos and Slappy’s.
Ace Beverage Group CEO Cam McDonald stated, “Nude’s significant presence as a leading player in the western Canadian ready-to-drink market aligns seamlessly with our established position in Ontario, providing a solid foundation for a nationwide platform to introduce innovative ready-to-drink products to consumers across the country.”
Continue Exploring: Next Century Spirits bolsters portfolio with acquisition of six Southwest Spirits & Wine brands
The completion of the deal is contingent upon meeting closing conditions and obtaining approval from the Supreme Court of British Columbia. Corby Spirit and Wine anticipates finalizing the acquisition in the latter half of 2024.
Since 2005, Pernod Ricard has maintained a 51% ownership stake in Corby Spirit and Wine.
Last year, Corby Spirit and Wine obtained a 90% ownership interest in Canadian ready-to-drink producer Ace Beverage Group.
The agreement, valued at C$185.5 million ($111 million), incorporated an opportunity for Corby to acquire the entire ready-to-drink manufacturer by exercising call options on the remaining shares, which can be executed in 2025 and 2028.
Formed in 2020 through the merger of Cottage Springs and Ace Hill, Ace Beverage Group emerged as one of Canada’s leading independent producers of ready-to-drink beverages. Its primary brands include Cottage Springs vodka soda and vodka water, Ace Hill, and Tequila soda.
In 2022, Pernod Ricard allocated $22 million towards enhancing its ready-to-drink cocktail production capabilities in North America by investing in a production facility in Fort Smith, Arkansas. This investment encompassed the installation of a high-speed canning line along with eight 50,000-gallon (190,000-liter) tanks.
Continue Exploring: J&J Snack Foods expands portfolio with acquisition of Thinsters cookie brand
