CANADA: Corby Distilleries sells Seagram Coolers licence to Brick Brewing
Corby Distilleries offloads Seagram Coolers to Brick Brewing
Brick Brewing has agreed to pay CAD4.3m upfront in cash, with a further CAD2.4m due within the next four years, Corby said yesterday (16 March).
The Seagram Coolers brand has struggled under Corby in the last couple of years and the group reported a CAD11.5m impairment charge on the drinks range in the first half of its previous fiscal year.
"Although we were excited by the prospects of the brand's rejuvenation strategy, we recognised that it would require continued dedication of our resources," said Corby's CEO and president, Patrick O'Driscoll. "This transaction allows Corby to focus on its core portfolio of premium spirits and wines toward its objective of long-term sustainable value growth," he said.
"We are confident that it will also help Seagram Coolers benefit from increased investment," added O'Driscoll.
Canada-based Brick Brewing's president and CEO, George Croft, said: "The Seagram Coolers brands complement and expand Brick's portfolio and will strongly position us for growth in both beer and the cooler category."
He added that, during the first year of integration, Brick expects Seagram Coolers to contribute approximately CAD1m of EBITDA to the group.
For the full announcement, click here.
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