Corby Spirit and Wine to buy 90% of Ace Beverage for $148.5M - BNN Bloomberg

Corby Spirit and Wine has signed an agreement to buy a 90 per cent stake of Ace Beverage Group for $148.5 million.

y values Ace, Toronto-based maker of Cottage Springs and Ace Hill alcoholic beverages, at $165 million.“We’ve known Corby for a while and have tremendous respect for their legacy in Canadian beverages,” Ace Beverage co-founder Cam McDonald told BNN Bloomberg.

Corby has options to complete ownership in 2025 and 2028. Overall, the deal is expected to raise Corby’s operating revenue by 35 per cent. “We look forward to welcoming them to Corby and are excited about the benefits this acquisition will create for our consumers, customers, and shareholders." McDonald said the ready-to-drink industry struggled last year as consumers went back to bars and restaurants coming out of the pandemic, but are now back to double-digit growth this year.

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