Under the agreement, Brick acquired the Canadian rights to the Seagram Coolers brand for a purchase price of $7.3 million, which was satisfied by a $4.9 million cash payment to Corby and the issuance of a secured promissory note for the remaining balance to be paid over the next four years.
Seagram Coolers was established in the 1980's, with the launch of Seagram Wildberry Vodka Cooler.
The brand is currently available in all provinces except Quebec and according to the company, Seagram Coolers is among the top selling spirit-based coolers families in Canada. Following the recent re-launch, the Seagram Coolers family consists of the Wild Berry, Vodka Spritzer, Cream Swirl and Elquila.
Patrick O'Driscoll, president and chief executive officer of Corby said: "Although we were excited by the prospects of the brand's rejuvenation strategy, we recognized that it would require continued dedication of our resources. This transaction allows Corby to focus on its core portfolio of premium spirits and wines toward its objective of long-term sustainable value growth. We are confident that it will also help Seagram Coolers benefit from increased investment and enhanced strategic portfolio positioning.”
