Coca-Cola HBC to buy adult sparkling beverage and mixer brand Three Cents
Coca-Cola HBC said that its fully-owned subsidiary — CC Beverages Holdings II has agreed to acquire ESM Effervescent Sodas Management Limited (Three Cents), an adult sparkling beverage and mixer business, for a price of €45 million.
ESM Effervescent Sodas Management is currently owned by S.I.C.C Holding Limited, a fully-owned subsidiary of Greece-based IDEAL Holdings.
It owns the mixer product line under the Three Cents brand, which is said to offer artisanal beverages crafted without the use of artificial colorings and preservatives.
Three Cents adult sparkling beverage and mixers were founded in 2014 by George Bagos, George Tsirikos, Dimitris Dafopoulos, and Vassilis Kalantzis.
As part of the deal, Three Cents’ founders will stay with the drinks company and will continue promoting the adult sparkling beverage and mixers brand.
Coca-Cola HBC, which is a bottling partner of The Coca-Cola Company, stated: “The adult super-premium sparkling beverage and mixer category represents an exciting growth opportunity and is an important pillar of Coca-Cola HBC’s 24/7 beverage partner strategy.
“Coca-Cola HBC caters to a growing range of consumer tastes and consumption occasions with one of the broadest and most flexible portfolios in the beverage industry.”
The Swiss beverage company said that Three Cents will complement its current adult sparking beverage portfolio, which includes adult brands such as Kinley and Schweppes.
The deal, which is subject to regulatory approvals and customary closing conditions, is likely to close in the second half of this year.