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Fevertree Announces Partnership with Molson Coors

Fevertree Drinks plc

(“Fever-Tree” or the “Company”)

Fever-Tree announces a Strategic Partnership with Molson Coors to drive the next stage of growth in the US

Underpinning the partnership and reflecting its long-term focus and belief in the opportunity, Molson Coors will acquire an 8.5% shareholding in Fevertree Drinks plc. The proceeds of the issue will be returned to shareholders via a share buyback programme of £71.0m, beginning in February 2025.

Fever-Tree, the world’s leading supplier of premium carbonated mixers and Molson Coors, one of the world’s largest beverage companies, are pleased to announce that they have entered into a long-term strategic partnership for the exclusive sales, distribution and production of the Fever-Tree brand in the US.

Since first entering the US market in 2008, Fever-Tree has consistently delivered very strong growth in the US and has become the number one tonic and ginger beer brand across America. The market leading position that Fever-Tree has built, combined with Molson Coors’ expertise, scale and total beverage ambition, provides a transformational platform to drive the brand to the next level in its largest and most dynamic market.

The strategic benefits of the partnership include:

  • Strategic Alignment: Fever-Tree and Molson Coors have a shared vision, belief and commitment to driving the brand’s expanding opportunity across alcohol and non-alcohol occasions.
  • Scale and Platform:  Ability to leverage Molson Coors’ national network of US distributors and customers across the On- and Off-Trade as well as the scale and strength of their dedicated sales and commercial teams, to maximise Fever-Tree’s momentum, brand strength and ability to grow its total addressable market.
  • Step Change in Investment: A substantial incremental marketing fund will be deployed across the initial period of the partnership providing the firepower to drive further brand and category awareness.
  • Local US production: Partnership will capitalise on Molson Coors’ broad supply chain network, procurement strength and expertise to drive operational efficiencies, as well as managing the onshoring of US production.

Equity Investment and Buyback

Underpinning the partnership and reflecting its long-term focus and belief in the opportunity, Molson Coors will acquire an 8.5% shareholding in Fevertree Drinks plc (post-issue) for cash consideration of £71.0m (654.2 pence per share based on the 10-day VWAP).

In addition, Fever-Tree today announces its intention to commence a share buyback programme of £71.0m, beginning in February 2025. Due to the enhanced cash generation of the business under the strategic partnership, we remain mindful of our capital allocation framework and will consider the opportunity for further shareholder returns beyond this initial buyback programme.

Commenting on the new partnership, Tim Warrillow, co-founder and CEO of Fever-Tree, said:

“Today’s announcement marks a transformational step for the Fever-Tree brand in the US.  Thanks to the superb work of our US team, we have seen Fever-Tree become the number one brand in both the tonic and ginger beer categories, a remarkable achievement which has redefined the US mixer category amongst consumers and customers alike.

But what is so exciting is that as the Fever-Tree brand has grown in the US, so has the opportunity ahead of us, reflecting the increasing number of categories and occasions that our products are relevant to.

With a national network providing significant scale and muscle, alongside its proven track record, supply chain expertise and clearly stated strategic desire to drive the future of their business beyond beer, Molson Coors are the ideal long-term partner to take the Fever-Tree brand to the next level across the US. This partnership will be fuelled by a step change in marketing investment to take advantage of the highly compelling opportunity ahead.”

Commenting on the new partnership, Gavin Hattersley, Chief Executive Officer of Molson Coors Beverage Company:

“Our strategic partnership with Fever-Tree in the U.S. is a meaningful step in Molson Coors’ journey to becoming a total-beverage company with a winning portfolio of drinks for a wide variety of consumer occasions. We’ve made progress here, and today we are building on that progress in a significant way with Fever-Tree as the latest and largest non-alc brand to join our portfolio.

The U.S. is our biggest global market by revenue, and the same is true for Fever-Tree, so we believe this partnership provides ample opportunity for our teams to build on the strong success Fever-Tree has achieved to date. Our distributors and customers have been asking for a brand just like Fever-Tree from us, and by leveraging the scale, strong relationships and expertise of our team at Molson Coors. I’m confident in the road ahead for Fever-Tree as part of Molson Coors’ growing set of non-alc offerings in the U.S.”

Commenting on the new partnership, Michelle St. Jacques, Chief Commercial Officer of Molson Coors Beverage Company, Americas:

“Fever-Tree is the perfect fit for our growing portfolio of non-alc beverages. The quality is unmatched, the variety is fantastic, and the brand has achieved impressive scale in the U.S. and we believe there is more runway ahead.

Fever-Tree sits at the intersection of beer and non-alc and is often available in stores where beer is sold, so it perfectly complements our Beyond Beer and premiumization strategies, playing in both alcohol occasions and non-alc occasions. We’re excited to welcome Fever-Tree into our portfolio as we work to reach more consumers and unlock growth in new channels and outlets across the U.S.”

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