Monster jumps into booze business with $330 million acquisition of CANarchy1 min read . Updated: 13 Jan 2022, 09:26 PM IST
- Deal includes Cigar City, Oskar Blues, Deep Ellum, Perrin Brewing, Squatters and Wasatch brands
Monster Beverage Corp. on Thursday said it is entering the alcoholic-beverage sector with a deal to buy craft-beer and hard-seltzer company CANarchy Craft Brewery Collective LLC for $330 million.
Monster, a Corona, Calif., beverage maker best known for its namesake energy drinks, said the acquisition includes the Cigar City, Oskar Blues, Deep Ellum, Perrin Brewing, Squatters and Wasatch brands but excludes CANarchy’s stand-alone restaurants.
Monster’s deal comes as beverage companies across the spectrum move into new categories in a bid to spur growth.
Coca-Cola Co., which last year pulled the plug on an energy drink it had hoped would compete with Monster, last week said it struck a deal with Corona beer brewer Constellation Brands Inc. to launch cocktails based on its Fresca soda brand. Rival PepsiCo Inc. and Samuel Adams brewer Boston Beer Co. are set to roll out an alcoholic version of the Mountain Dew soft drink.
Monster said it expects to complete the transaction during the first calendar quarter, adding that the organizational structure for the energy-drinks business will remain unchanged and that CANarchy will function independently, retaining its own organizational structure and team.
This story has been published from a wire agency feed without modifications to the text
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