Coca-Cola HBC has agreed to acquire super-premium sparkling beverage and mixer brand Three Cents for €45 million through its wholly-owned subsidiary, CC Beverages Holdings II B.V.
The soft drinks bottler will acquire ESM Effervescent Sodas Management Limited, also known as Three Cents from S.I.C.C Holding Limited, a wholly-owned subsidiary of IDEAL Holdings SA, a publicly-listed company in Greece.
The deal, subject to customary closing conditions and regulatory approvals, is expected to close in the second half of 2022.
Founded in 2014, the Three Cents brand offers artisanal beverages crafted without preservatives or artificial colourings.
The brand was launched by George Bagos, Dimitris Dafopoulos, George Tsirikos and Vassilis Kalantzis, a group of bar tenders and F&B professionals.
Since its inception, the brand has 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, coca-Cola HBC added.
Coca-Cola HBC caters to a growing range of consumer tastes and consumption occasions, offering a wide and flexible product portfolio.
The acquisition of Three Cents will complement Coca-Cola HBC's existing adult sparking beverage portfolio, which includes Schweppes and Kinley.
In May of this year, Coca-Cola HBC has said it will evaluate all options for its Russian operations and have a smaller presence in the country, focussing on local brands, after US beverage giant Coca-Cola suspended operations there.