Portfolio pruning in spirits and wine, major moves in functional drinks and significant transactions in emerging markets have been among the dynamics driving the deal-making in the drinks industry over the last 12 months.
Our deals pages sought to bring you extensive coverage of the M&A announced across the sector last year and here we round up the major deals struck in 2025.
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January
The first month of the year saw Diageo continue its moves to offload assets with the announcements of two disposals – the sale of Cacique rum to La Martiniquaise-Bardinet and another move to reduce its footprint in Africa with a deal for its stake in Guinness Ghana Breweries. Castel Group snapped up the shareholding for $81m.
In the middle of the month, one of the major deals of 2024 was finalised. On 17 January, Carlsberg’s acquisition of UK soft drinks major Britvic became effective.
And Molson Coors Beverage Co. grabbed the headlines with a move to acquire an 8.5% stake in UK-based tonic and mixer maker Fevertree Drinks.
The Coors Light maker struck a deal to pay £71m ($88.3m) in cash for the shareholding as a part of what Fevertree called a “long-term strategic partnership”.
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By GlobalDataOther notable deals in January
UK drinks brand Trip secures investment from The Equity Studio
Keystone snaps up Magic Rock and Fourpure
US beer makers Harpoon, FinestKind Brewing to merge
February
Days after announcing the purchase of beer brands Magic Rock and Fourpure, UK business Keystone Brewing Group made another acquisition, snapping up the North Brewing brand. As we’ll see, Keystone made the business news pages for less positive reasons later in the year.
And, in a forerunner of another development deeper into 2025, it emerged Pernod Ricard was weighing up the idea of offloading Champagne brand Mumm.
Across the Atlantic, a major deal in energy drinks was announced. Celsius Holdings swooped for Alani Nutrition in a deal worth $1.8bn. Alani Nu’s product range includes energy drinks, protein shakes, snacks, and protein powders.
February also saw…
Pernod Ricard buys rest of South African gin business Inverroche
Olipop valued at $1.85bn following $50m raise
March
Among the deals announced in March, one stood out: PepsiCo‘s deal to buy US prebiotic soda brand Poppi for $1.95bn.
Poppi, formerly known as Mother Beverage, was set up in 2015 and, after receiving funding on US business reality TV show Shark Tank three years later, relaunched under its current brand in 2020.
Since then, the business, co-founded by Allison Ellsworth and her husband Stephen, built what has become one of the more recognisable names in the growing market for ‘better-for-you’ sodas in the US. In 2024, the company generated annual sales of “north of $500m”, a Poppi spokesperson said.
April
Diageo’s deal-making continued in April with the exchange of brand rights for vodka brand Ciroc for a majority stake in Tequila brand Lobos 1707. The UK giant struck a deal with US investment firm Main Street Advisors for a joint venture covering the two brands.
April saw another transaction between Constellation Brands and The Wine Group. Constellation offloaded more wine brands – and again US peer The Wine Group was the buyer.
Constellation sold six brands, including Woodbridge, Meiomi and Cook’s. The brands are “mostly positioned in the declining mainstream segment”, the group said.
Three years ago, the group sold a clutch of wine brands including Cooper & Thief, 7 Moons and The Dreaming Tree brands to The Wine Group.
Elsewhere in April…
Castillo Hermanos to buy SunnyD maker Harvest Hill
Heineken buys minority stake in UK energy-drink firm Tenzing
Müller to buy UK kefir business Biotiful Gut Health
Vinarchy unveiled as Pernod, Accolade close wine deal
May
The M&A move that most caught the eye in May didn’t involve a transaction but instead the promise of more to come.
On 19 May, Diageo CFO Nik Jhangiani said the Gordon’s owner could make “substantial changes” to its product portfolio in the form of asset disposals.
Jhangiani was speaking after Diageo announced plans to save around $500m in costs over the next three years.
The Captain Morgan maker said the move would help the company invest in “future growth” and improve its “operating leverage”.
June
Diageo hasn’t been the only the spirits major selling assets this year. In June, Campari said it would offload vermouth brand Cinzano to fellow Italian distiller Caffo Group 1915 for €100m (then $117.2m).
The Aperol owner had said it was ready to sell “non-core” assets to devote more resources to brands the company deems have stronger prospects.
The previous October, after a set of third-quarter results that missed forecasts, Campari set out plans to cut costs and sell brands.
July
In July, Pernod Ricard followed suit, selling its Imperial Blue whisky business to India’s Tilaknagar Industries and its Knappogue Castle and Clontarf Irish whiskey brands to local business Cobblestone Brands.
The month saw one of the more surprising deals of the year: NewPrinces‘ move to acquire Carrefour’s operations in Italy, a transaction the food and drinks group described as “vertical integration between production and distribution”.
Carrefour’s store network in the country stretched across more than 1,000 sites in regions such as Piedmont, Lombardy and Liguria.
Other significant deals in July
Coca-Cola sells Nigeria dairy-and-juices business Chivita Hollandia
Maspex acquires majority control of Purcari Wineries
August
Diageo’s disposals continued (with the sale of two RTD brands in Australia) but all eyes were on coffee in August.
On 23 August, Sky News reported The Coca-Cola Co. was weighing up the future of its UK coffee chain Costa Coffee.
Coca-Cola acquired Costa Coffee for $5.1bn in 2018 as part of the soft-drinks behemoth’s strategy to position itself as a “total beverage company”.
However, no deal has been done at the time of writing.
Days later, a transaction elsewhere in coffee was announced. Keurig Dr Pepper struck a deal to acquire Dutch coffee company JDE Peet’s for €15.7bn (then $18.36bn) and then split the combined business into two.
KDP said it planned to separate into two publicly traded entities named Beverage Co. and Global Coffee Co. “as soon as practicable following the close of the acquisition”.
September
A new month and plans for another corporate split were set out, with Kraft Heinz outlining plans to divide in two.
And there was another Diageo disposal, this time with a deal for Sheridan’s liqueur. Portuguese group Casa Redondo was the buyer and its CEO told Just Drinks he expected the acquisition to “almost double” the company’s volumes.
September also saw two acquisitions by Finland-based drinks group Olvi, which snapped up Bosnia and Herzegovina brewery Banjalucka Pivara and Estonian water business Värska Originaal.
In wine, Gallo acquired Whiny Baby, the California-based business launched five years ago to make wine more approachable for Gen Z drinkers. The deal marked Gallo’s first acquisition in wine for two years.
And, in a stand-out month for drinks M&A, Heineken announced a move to acquire the beverages and retail businesses of Costa Rica-based Florida Ice and Farm Company (FIFCO) for $3.2bn.
October
October saw another significant emerging-markets deal. Coca-Cola HBC said it would buy a majority stake in Coca-Cola Beverages Africa, a deal set to create the world’s second-largest Coke bottler.
The UK-listed group struck a deal to buy a combined 75% of Coca-Cola Beverages Africa (CCBA) from The Coca-Cola Company and Gutsche Family Investments for $2.6bn.
Coca-Cola HBC has operations in Egypt and Nigeria. The deal will see Coca-Cola HBC enter 14 more markets in Africa, including Ethiopia, Kenya and South Africa.
In the final week of the month, KDP said it had received $7bn in backing from private-equity firms Apollo and KKR to support the company’s acquisition of JDE Peet’s and its subsequent plan to split into two businesses.
November
In November, UK drinks company Trip announced it had attracted more funding. The firm said it was now “valued at over $300m” after securing $40m to accelerate its growth in the US.
Later in the month, a notable deal involving another UK business was announced. Spanish food-and-drinks group Idilia Foods snapped up UK milkshake business Shaken Udder from its founders Jodie and Andy Howie, and private-equity backer LDC, for an undisclosed sum.
December
The final month of the year saw a flurry of noteworthy deals.
Anheuser-Busch InBev said it would acquire a majority stake in BeatBox, the US-based hard-punch maker. The Leffe beer maker announced it would pay up to around $490m for an 85% shareholding in BeatBox.
Pernod did a deal for part of its Mumm business, selling off assets in the US to local group Trinchero Family Wine & Spirits.
Diageo ended the year with its most sizeable disposal, offloading its business in Kenya to Asahi Group Holdings for $2.3bn,
The Super Dry brewer is buying Diageo’s 65% stake in East African Breweries (EABL) and its 53.7% shareholding in Kenyan spirits group UDVK.
And Campari rounded off 2025 with a pair of disposals. Italian spirits company Illva Saronno has bought Campari’s Averna and Zedda Piras brands for €100m (then $117m).
Elsewhere in December…
UK’s Keystone Brewing Group files administration notice
Olvi buys majority of importer Brewery International
