Cott Corp said the buyout adds to its beverage platform

Cott Corp said the buyout adds to its beverage platform

Cott Corporation has acquired UK food and beverage manufacturer Aimia Foods for an initial sum of US$80m. 

In an announcement today (30 May), Cott said its UK unit has bought all subsidiary companies of Merseyside-based Aimia. On top of the intial fee, Cott will pay a deferred sum of $33m by September, plus an earnout consideration of $20m.  

The acquisition will be funded through "cash on hand" and borrowings, Florida-based Cott said. 

Privately-owned Aimia produces own-brand soft drinks - including fruit juices and waters - as well as manufacturing other brands under licence. These include: No Fear Extreme Energy, Weight Watchers drinks and Galaxy Hot Chocholate. It supplies to the retail, foodservice, cash & carry and vending sectors.

Steve Corby, managing director of Cott's UK unit, said: "The Aimia Foods acquisition accelerates our diversification strategy, bringing a strong hot and cold beverage platform and multiple foodservice relationships into our portfolio."    

Aimia has around 245 staff across three sites in the north-west of England. 

Earlier this month, Cott reported first-quarter losses of US$3.9m after a drop in sales.