Coca-Cola HBC announces acquisition of Finlandia Vodka
By Oghale Mafuru
Leading beverage company, Coca-Cola HBC, has announced the acquisition of Finlandia Vodka brand from Brown-Forman Corporation, a legacy beverage company for $220 million. The acquisition is subject to the customary closing process, in a transaction expected to be completed in the second half of 2023.
In a statement released by the company earlier, the move is part of its strategic plans to accelerate its growth as the leading 24/7 beverage brand as well as enhance Coca-Cola HBC’s premium spirits credentials; driving mixability opportunities with premium and super-premium Non-Alcoholic Ready-To-Drink (NARTD) products, helping capture more drinking occasions, and strengthening partnerships with customers in strategically important channels.
Commenting on this, Zoran Bogdanovic, CEO, COCA-COLA HBC said: “Having been associated with the distribution of Finlandia for 17 years in several markets, we are excited by this unique and regionally relevant opportunity that will support the acceleration of our on-premise business across more of our markets. The proven complementarity of our premium spirits business with our strong NARTD portfolio enables us to offer solutions for a broad range of 24/7 consumption occasions, particularly socializing moments.
“We view this as an attractive investment and a natural evolution of our role as one of Finlandia’s distribution partners, further attesting to the strength of our time-tested and wide-ranging partnership with Brown-Forman. We appreciate the trust placed in us and look forward to creating more value for our partners and customers by capturing new opportunities with our well-rounded beverage portfolio.”
On his part, Lawson Whiting, CEO, BROWN-FORMAN stated: “We are pleased to pass on the ownership torch of Finlandia to Coca-Cola HBC, who has proven to be a strong and reliable partner to our brands for more than 17 years. We believe Coca-Cola HBC is well-suited to support Finlandia’s future stages of development.
“I am confident that Coca-Cola HBC’s growth ambitions and capabilities in premium spirits, its critical mass and executional excellence, coupled with its leading sales and distribution credentials in the markets where it operates, will accelerate Finlandia’s growth trajectory.”
For more than 150 years, Brown-Forman Corporation has enriched the experience of life by responsibly building fine quality beverage alcohol brands, including Jack Daniel’s Tennessee Whiskey, Jack Daniel’s Ready-to-Drinks, Jack Daniel’s Tennessee Honey, Jack Daniel’s Tennessee Fire, Jack Daniel’s Tennessee Apple, Gentleman Jack, Jack Daniel’s Single Barrel amongst several other iconic brands.
RECOMMENDED ARTICLES
Comment
No comments found.