Constellation Brands has acquired a minority stake in Colorado-based craft rum maker Montanya Distillers.
The investment was made through Constellation Brands Ventures’ Focus on Female Founders programme, which was launched last year and supports female-founded or female-led businesses in the beverage alcohol space and adjacent categories.
Constellation plans to invest $100 million in female-led start-ups by 2028.
Montanya’s rums are distributed in more than 40 states and seven countries overseas and can be purchased online. The company was founded in 2008 by Karen Hoskin and her husband Brice.
The distiller will continue to produce its range of rums including Montanya Platino, Montanya Oro and Montanya Exclusiva. Terms of the transaction were not disclosed.
The deal follows Constellation’s acquisitions of stakes in US craft alcohol firm Black Button Distilling and Tennessee-based whiskey producer Nelson’s Green Brier Distillery earlier this year.
In April, New York-headquartered Constellation announced the divestiture of about 30 of its wine and spirits brands and six US winemaking facilities to E & J Gallo Winery for $1.7 billion.
In its most recent quarterly results, Constellation Brands recorded a 2.4% increase in year-on-year net sales to $2.1 billion, driven by the growth of Modelo Especial beer.
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