9th Aug 2022 08:32
(Alliance News) - Coca-Cola HBC AG on Tuesday said its wholly-owned subsidiary CC Beverages Holdings II BV has bought ESM Effervescent Sodas Management Ltd, which operates the brand Three Cents.
Coca-Cola HBC is a Zug, Switzerland-based drinks bottling company for Coca-Cola Co. ESM is the owner of the "super-premium" mixer product line Three Cents.
Three Cents will be bought from SICC Holding Ltd for EUR45 million. As part of the transaction its founding team will remain with the company, providing their "leadership and vision".
Coca-Cola HBC said the adult sparkling beverage and mixer category represents a significant growth opportunity and is an important pillar of its partnership strategy.
"Well-positioned for the super-premium segment, Three Cents will complement Coca-Cola HBC's existing adult sparking beverage portfolio, which includes the established adult brands, Schweppes and Kinley," the company explained.
The acquisition, which is subject to regulatory approval, is expected to be complete in the second half of 2022, Coca-Cola HBC added.
Shares in Coca-Cola HBC were down 0.8% to 1,940 pence each in London on Tuesday morning.
By Sophie Rose; [email protected]
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