Monster Beverage Corp said Thursday it is entering the alcohol-beverage sector with a deal to buy craft-beer and hard-seltzer company Canarkey Craft Brewery Collective LLC for $330 million.
Monster, a Corona, California, beverage maker best known for its namesake energy drinks, said the acquisition includes Cigar City, Oscar Blues, Deep Alum, Perrin Brewing, Squatters and Wasatch brands, but not Canarkey’s stand. -Alone restaurant is not included.
Monster’s deal comes at a time when beverage companies across spectrum are foraying into new categories to drive growth.
The Coca-Cola Co., which last year pulled the plug on an energy drink it hoped would compete with Monster, said last week that it planned to launch a cocktail based on its Fresca soda brand at Corona Beer Brewer Constellation. Made a deal with Brands Inc. Rival PepsiCo Inc. And Samuel Adams Brewer is set to introduce an alcoholic version of the Boston Beer Company 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-beverage business will remain unchanged and Canarkey will operate independently, maintaining its organizational structure and team.
This story has been published without modification to the text from a wire agency feed
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