You don’t need to know algorithms and codes to build a successful company, which in a few years will attract the interest of a fund with famous names behind its back, and then a multinational one. It is enough to know what the consumer wants from a cocktail, and offer him something else.

Four young people who in 2014 made three centsa company that will now be owned by her group Coca-Cola HBC AGThey didn’t make another soft drink. They didn’t make another soda, but made a pink grapefruit juice soda, which has led many since then to emulate the recipe for not only the tonic, but the product flavored with basil, cucumber, citrus, and spices. In fact, Three Cents was instrumental in creating a distinct category of non-alcoholic beverages, cocktail soft drinks.

The transaction price is 45 million euros.

The acquisition of Three Cents by CC Beverages Holdings II BV, part of the Coca-Cola HBC AG group, was announced yesterday for EUR 45 million. The deal is expected to close in October 2022, with the founders of Three Cents, who were also in charge of “managing” the company when it was acquired by the Virtus Foundation and later by Ideal Holdings, joining the Coca-Cola staff. Cola HBC group and, as Coca-Cola HBC’s announcement characteristically mentions, “they will continue to drive the brand forward with their leadership and vision.” For the time being, Three Cents products will continue to be bottled at the METAXA plant and distributed by AMBYX based on the existing agreement. However, in the medium term, production and bottling is now expected to take place at the Coca-Cola HBC facility.

Three Cents was founded Dimitris Dafopoulos, George Bagos, George Tsirikos and Vassilis Kalantzis, four young people with bar and commercial experience. The company has been invested by the Virtus fund since September 2018, which finally acquired 51% of the company in January 2020 and then 100% of it. Last year, the Virtus Foundation became the majority shareholder of an AA-listed company. Ideal Holdings, also investing shares in Three Cents. In its first actual year of operation in 2015, Three Cents managed to generate sales of €7.7 million (in 2021) and EBITDA of €1.5 million in seven years, even in the midst of a pandemic. Three Cents products are currently exported to more than 36 countries around the world, and since November 2020 they are also available in the so-called “hot market” (supermarket).

Through the acquisition of Three Cents Coca-Cola, HBC seeks to strengthen its strategy to develop a portfolio of products that meet the needs of the consumer 24 hours a day, 7 days a week (the famous 24/7 strategy). “Three cents, well established in the super premium product category, will complement Coca-Cola HBC’s existing adult beverage portfolio, which already includes the Schweppes and Kinley brands,” the group said in a statement yesterday. It notes that Schweppes is a brand of The Coca-Cola Company and Kinley bottles Coca-Cola HBC in collaboration with third parties.