Press was founded in 2015 by Amy Walberg and her business partner Jim Sorenson and already has a top-10 position in the US seltzer category. Its flavors include Blackberry Hibiscus, Pomegranate Ginger, Lime Lemongrass, and Grapefruit Cardamom; all at 4% ABV ‘for consumers who prefer lower ABV drinks, and to allow PRESS’ complex flavors to break through’.
Constellation Brands’ investment was made through its Focus on Female Founders program. Walberg will stay with the company as CEO.
Terms of the transaction were not disclosed.
Total annual sales of hard seltzer in the US have reached approximately 82.5m nine-liter cases, and IWSR estimates expect sales to triple to more than 281m cases by 2023.
Constellation Brands is also launching its home grown Corona Hard Seltzer this spring: an extension of its global Corona brand. Corona Hard Seltzer (4.5% ABV) will be introduced in four flavors in the US: tropical lime, mango, cherry and blackberry lime.
It is putting a $40m marketing budget behind the launch: its biggest ever single brand investment.
