Coca-Cola Hellenic Bottling Company (Coca-Cola HBC) has agreed to acquire ESM Effervescent Sodas Management (ESM) from SICC Holding, a wholly-owned subsidiary of Ideal Holdings, a publicly-listed company in Greece.
The acquisition has been agreed for an enterprise value of €45 million, subject to certain closing adjustments.
ESM is the owner of premium sparkling beverage and mixer brand, Three Cents, which offers artisanal products crafted without preservatives or artificial colourings designed for use in long drinks and cocktails.
As part of the acquisition, Three Cents’ founding team will remain with Coca-Cola HBC and will continue to promote the brand, providing leadership and vision.
ESM’s Three Cents complements Coca-Cola HBC’s existing adult sparkling beverage portfolio, which includes Schweppes and Kinley.
Coca-Cola HBC said: “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 transaction is expected to be completed in the second half of 2022 and is subject to customary closing conditions and regulatory approvals.