Coca-Cola HBC’s wholly-owned subsidiary CC Beverages Holdings II B.V. announced its agreed acquisition of ESM Effervescent Sodas Management Ltd. for €45 million on Tuesday.
The bottling company is set to acquire the firm from IDEAL Holdings subsidiary S.I.C.C Holding Limited, with the transaction scheduled to close in HY2 2022.
Coca-Cola HBC said its acquisition targeted S.I.C.C-owned super-premium mixer brand Three Cents, which produces artisanal beverages without preservatives or artificial colourings.
The group commented the super-premium sparkling beverage and mixer category represented a significant growth opportunity, and marked an important step in the company’s 24/7 beverage partner strategy.
The acquisition will join Coca-Cola HBC’s existing portfolio brands, including Schweppes and Kinley.
Coca-Cola HBC confirmed the Three Cents founding team, including George Bagos, Dimitris Dafopoulos, George Tsirikos and Vassilis Kalantzis, would remain with the brand to promote the company and provide “leadership and vision.”
Coca-Cola HBC shares fell 0.6% to 1,944 in late afternoon trading on Tuesday.