Constellation Brands, through its Focus on Female Founders programme, has acquired a minority stake in Press Premium Alcohol Seltzer.
Co-founded by Amy Walberg and her business partner Jim Sorenson in 2015, Press produces hard seltzers in flavours such as blackberry hibiscus, pomegranate ginger, lime lemongrass and grapefruit cardamom.
The brand’s drinks have an ABV of 4% and are targeted at consumers who prefer lower alcohol options.
Walberg will continue as CEO and principal decisionmaker for Wisconsin-based Press.
In a statement, Constellation Brands said: “As an independent, woman-led and co-owned brand made of natural ingredients, this quality premium seltzer fits Constellation’s Focus on Female Founders programme and the company’s overall high-end strategy.”
In 2018, Constellation, through its venture capital group Constellation Brands Ventures, announced plans to invest $100 million in female-led start-ups by 2028 as part of the Focus on Female Founders programme.
The company has since invested in Colorado-based craft rum maker Montanya Distillers and North Carolina-based spirits producer Durham Distillery.
The Press deal sees Constellation look to profit from the high-growth hard seltzer sector. A report published last month by IWSR predicts the category in the US will more than triple by 2023.
This spring, Constellation will launch Corona Hard Seltzer in four flavours: tropical lime, mango, cherry and blackberry lime.
© FoodBev Media Ltd 2020
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