Ace Beverage Group Acquired by Corby Spirit and Wine Limited

TORONTO, ONCorby Spirit and Wine Limited has announced that it is set to purchase Ace Beverage Group, parent company of Ace Hill Beer and several other beverage alcohol brands, including Cottage Springs and Cabana Coast ready-to-drink cocktails, Liberty Village cider, and Good Vines wine spritzers.

The transaction will see Corby acquiring 90% of Ace’s shares for $148.5 million, with call options on the remaining shares that can be exercised in 2025 and 2028.

The primary focus of the deal for Corby is Cottage Springs, a line of vodka and tequila based drinks that are the #1 brand in the Ready To Drink category at the LCBO.

“We are extremely excited to partner with Ace and become one of the leading RTD players in Canada, as we believe the combined strength of our companies and people will unlock new opportunities,” said Nicolas Krantz, Corby’s President and Chief Executive Officer, 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.”

“We are thrilled to join Corby, and are extremely proud of Ace’s journey and accomplishments to date,” added Ace Beverage Group’s Co-Founder, Cam McDonald. “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.”

For more details, see the full news release.

Source: Corby Spirit and Wine Limited
Photo: Ace Beverage Group

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