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Canadian sports nutrition company Cizzle Brands has acquired 100% of Flow Water from RI Flow Sub in a transaction valued at approximately CAD $83.75 million ($60.63 million), subject to customary post-closing adjustments.
Flow’s branded consumer packaged goods assets, including its intellectual property, were carved out prior to closing and will continue to operate independently under existing ownership.
Under Cizzle, the acquired business will focus exclusively on beverage co-manufacturing at its Aurora, Ontario facility, which will be renamed Cizzle Brands Manufacturing and operate as the CWENCH Hydration Factory.
On a pro forma basis, the manufacturing business is expected to generate CAD $21.5 million in revenue in H2 2026, rising to CAD $46.5 million in fiscal 2027. Consolidated pro forma revenue for Cizzle is projected at CAD $41 million in 2026 and $75 million in 2027, with operating synergies expected to improve margins.
The facility adds established Tetra Pak production capacity, a format in limited supply across North America, supporting sustainable, shelf-stable beverages. The acquisition strengthens Cizzle’s vertical integration, particularly for CWENCH Hydration, while enabling third-party co-manufacturing.
“With Tetra Pak capacity in North America being quite scarce, this acquisition allows us to immediately become an industry leader in sustainable and eco-friendly packaging in the Tetra format,” said John Celenza, founder and CEO of Cizzle Brands.
The acquisition was funded through a combination of debt and equity, including a senior secured credit facility from Orion Infrastructure Capital, a vendor take-back loan, and two non-brokered private placements.
Orion Infrastructure Capital provided a CAD $40 million senior secured facility, with an additional CAD $10 million available, while the vendor extended a CAD $22.25 million secured promissory note. Equity financing included CAD $4.725 million in units and CAD $7.5 million in convertible notes.
Notably, Cliff Rucker, owner of RI Flow Sub, participated as a lead investor in the equity financing, signalling continued confidence in the manufacturing platform under Cizzle’s ownership.
Cizzle Brands operates a growing portfolio of performance-focused food and beverage brands, including CWENCH Hydration, Spoken Nutrition, and HappiEats. The newly acquired manufacturing business is expected to support future product innovation and scale across these brands while offering co-manufacturing services to external customers.
The acquisition was completed through Cizzle Brands Acquisition, a wholly owned indirect subsidiary.
