Coca-Cola HBC agrees to acquire three cents
Three Cents, a fast growing, super-premium adult sparkling beverage and mixer business
Coca-Cola HBC AG ("Coca-Cola HBC") announced today that its wholly-owned subsidiary, CC beverages Holdings II B.V., has reached an agreement to acquire ESM Effervescent Sodas Management Limited ("Company" or "Three Cents") from S.I.C.C Holding Limited, a wholly-owned subsidiary of IDEAL Holdings SA, a publicly-listed company in Greece (the "Transaction"). The agreed enterprise value amounts to €45 million, subject to certain closing adjustments. Completion of the Transaction is expected in the second half of 2022 and is subject to customary closing conditions and regulatory approvals.
Photo by SJ Objio on Unsplash
The Company is the owner of the popular super-premium mixer product line under the Three Cents brand, offering artisanal beverages crafted without preservatives or artificial colourings. Three Cents was founded in 2014 by founders George Bagos, Dimitris Dafopoulos, George Tsirikos and Vassilis Kalantzis, a group of forward-looking bar tenders and F&B professionals. Since inception, the brand has quickly established itself as a super-premium, adult sparkling beverage and mixer for long-drinks and cocktails. As part of the Transaction, its founding team will remain with the Company and will continue to promote the brand, providing their leadership and vision.
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. 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.
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