Pernod Ricard's Canadian affiliate agreed to buy a majority stake in Canada’s Ace Beverage Group, in a deal the drinks giant says will expand its ready-to-drink presence across the country.
Why it matters: The maker of Absolut Vodka and Jameson Irish Whiskey says the RTD category, also known as pre-mixed cocktails, is one of the fastest-growing alcohol categories, with a more than 20% year-on-year growth trajectory.
Details: Pernod’s Canadian affiliate, Corby Spirit and Wine, will buy a 90% stake in privately held Ace at an enterprise value of C$165 million ($123 million), Pernod said in a statement.
