Constellation Brands has announced that it has acquired US craft spirits producer Copper & Kings American Brandy for an undisclosed sum.
Founded in 2014, Copper & Kings American Brandy uses a variety of production methods including small-batch copper pot-distillation, sonic ageing and solera blending to create spirits such as brandy, gin and absinthe.
Constellation Brands originally acquired a minority stake in the company through its Constellation Ventures arm in 2017, and the companies have worked in partnership to increase awareness and distribution of the Copper & Kings brand during this time.
According to a statement from Constellation Brands, the full purchase of Copper & Kings aligns with its strategy to transform its wine and spirits portfolio through an increased focus on premium products and brands.
Bill Newlands, president and CEO of Constellation Brands, said: ”As an innovative distillery regarded for its experimental attitude and highly rated craft spirits, Copper & Kings American Brandy represents a significant growth opportunity for us and reinforces our continued commitment to premium spirits.
“American Craft Brandy is a fast-growing category that resonates with consumers, specifically among whiskey drinkers, and provides an excellent bridge between fine wine and craft bourbon. Copper & Kings’ prime location in Bourbon Country also presents an opportunity for Constellation to drive brand awareness and further expand the brand’s direct-to-consumer and retail routes to market.”
Copper & Kings founder and CEO, Joe Heron, added: “As Copper & Kings moves into this next phase, we feel immense pride in what we’ve accomplished together with Constellation Brands.
“Copper & Kings and Constellation have had a symbiotic relationship right from the start. Because of that shared culture of innovation, entrepreneurship, and respect for the environment, as well as a good personal relationship, Lesley and I know we are leaving Copper & Kings in good hands.”
Constellation Brands has made a number of acquisitions and sales over the last year as part of its premiumisation strategy. This has seen the company acquire stakes in DTC wine firm Booker Vineyard; Empathy Wines; Press Premium Alcohol Seltzer and Karma Wellness Water in 2020, while the business also invested a further $174 million in Canopy Growth Corporation.
In addition, Constellation has also offloaded its Paul Masson Brandy and Nobilo Wine brands, and sold its concentrate assets to Del-Vie in July.
© FoodBev Media Ltd 2020