Coca-Cola HBC announced today that its subsidiary CC Beverages Holdings II BV has reached an agreement to acquire ESM Effervescent Sodas Management Limited (Three Cents) from SICC Holding Limited, a 100% subsidiary of IDEAL Holdings SA.
The agreed value amounts to 45 million euros, subject to certain adjustments on the date of completion of the transaction. Completion of the Transaction is expected in the second half of 2022 and is subject to customary closing conditions and regulatory approvals.
The company is the owner of the popular super-premium product line under the Three Cents brand, which offers beverages without preservatives or artificial colors. Three Cents was founded in 2014 by Giorgos Bagos, Dimitris Dafopoulos, Giorgos Tsirikos and Vassilis Kalantzis, a team of bar tenders and F&B professionals. Since its inception, the brand has quickly established itself as a super-premium product. As part of the Transaction, its founding team will remain with the Company and continue to drive the brand, providing its leadership and vision.
Also read – Ideal Holdings in talks with Coca-Cola HBC to sell Three Cents
Transaction value
The value of the transaction amounts to 45 million euros and is subject to adjustments, on the date of completion of the transaction. Completion of the transaction is subject to customary conditions and regulatory approvals, which are expected to be received during the second half of the year. The Company will make a further announcement when the transaction is completed.
What is Three Cents?
The innovative premium mixers & tonics company was founded at the end of 2014 in Great Britain by Vassilis Kalantzis, George Bagos, Dimitris Dafopoulos and George Tsirikos, with the aim of offering catering professionals a premium and different product.
Three Cents products are exported to more than 34 countries, and in 2022 sales abroad are expected to exceed sales in Greece, despite the fact that Greece will set a sales record.
The company’s sales for 2021 amounted to 7.7 million euros, while EBITDA amounted to 1.5 million euros.
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