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Coca-Cola HBC to Acquire Three Cents Beverage Mixer Line
Friday 12 August 2022

Switzerland-based consumer products company Coca-Cola HBC AG's CC Beverages Holdings II B.V. subsidiary has reached an agreement to acquire mixer product line provider ESM Effervescent Sodas Management Ltd. (Three Cents) from S.I.C.C Holding Ltd., a wholly-owned subsidiary of Greece-based Ideal Holdings SA, the company said.

The agreed enterprise value amounts to EUR 45m (USD 46.3m), subject to certain closing adjustments.

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 super-premium mixer product line under the Three Cents brand, offering artisanal beverages crafted without preservatives or artificial colourings.

Three Cents was founded in 2014 by founders George Bagos, Dimitris Dafopoulos, George Tsirikos and Vassilis Kalantzis, a group of forward-looking bar tenders and F and B professionals.

Since inception, the brand has quickly 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 is a growth-focused consumer packaged goods business and strategic bottling partner of The Coca-Cola Company (NYSE: KO).
Date Published: 12/08/2022