Corby Wine and Spirits, a leader in several segments of the Canadian alcohol market, is acquiring a 90% majority share of Ace Beverage Group.

The deal brings Ace Beverage flagship brands Ace Hill, Cottage Springs, Cabana Coast and Liberty Village into Corby’s portfolio.

Ace Beverage Group began in 2016 with the launch of the Ace Hill brand, which aimed to provide a more “easy drinking” option in the craft beer space. But the major upside for the deal for Corby is a strong positioning in the large and fast-growing ready-to-drink segment, which has been outperforming other categories within the alcohol market.

Cottage Springs – which Ace launched in 2018 – is the leading RTD brand in Ontario with its Vodka Soda, Vodka Water and Tequila Soda beverages all among the LCBO’s bestsellers in the segment.

“Corby’s sustained growth relies on our ability to bring exciting choices to our consumers, by continually expanding into new and promising categories. We are extremely excited to partner with Ace and become one of the leading RTD players in Canada, as we believe the combined strength of our companies and people will unlock new opportunities,” said Nicolas Krantz, Corby’s president and CEO. “The Ace team has built an inspiring business, through a culture of execution excellence, consumer centricity and passionate people. We look forward to welcoming them to Corby and are excited about the benefits this acquisition will create for our consumers, customers and shareholders.”

Cam McDonald, Ace Beverage Group’s co-founder, says the “joined expertise, experience and resources” of the deal will help Ace continue with its growth and beverage innovation goals.

The deal will cost Corby $148.5 million, with the remaining 10% of Ace Beverage shares held by founders of the company.