Coca-Cola HBC AG, Switzerland, the world's third-largest Coca-Cola anchor bottler in terms of volume with sales of more than 2 billion unit cases, announced that its wholly-owned subsidiary, CC Beverages Holdings II B.V., Netherlands, has reached an agreement to acquire ESM Effervescent Sodas Management Limited, Cyprus, the owner of the popular super-premium mixer product line under the Three Cents brand. The company is offering artisanal beverages crafted without preservatives or artificial colourings.
Seller is S.I.C.C Holding Limited, Greece, a wholly-owned subsidiary of IDEAL Holdings SA, a publicly-listed company in Greece.
The agreed enterprise value amounts to EUR 45 million (USD 46m), 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.
Three Cents was founded in 2014 by founders George Bagos, Dimitris Dafopoulos, George Tsirikos and Vassilis Kalantzis, a group of 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,” according to a press statement by Coca-Cola HBC.
“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,” the statement ends.
Coca-Cola HBC AG, also know as Coca-Cola Hellenic Bottling Company or just Coca-Cola Hellenic evolved from the merger between Hellenic Bottling Company SA, Greece, and Coca-Cola Beverages plc, UK, in February 2000. Coca-Cola HBC serves today with its 36,000 employees more than 715 million consumers across a broad geographic footprint of 29 countries on 3 continents. This spans from the West Coast of Ireland to the Pacific coast of Russia; from Northern Europe to our most southerly market, Nigeria.