Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading
beverage alcohol company, announced today that Constellation Brands
Ventures (CBV), the company’s corporate venture capital group,
intends to invest $100 million in female-founded or female-led
businesses in the beverage alcohol space and adjacent categories by
2028 through a new program, Focus on Female Founders. The company
has completed its first investments in two specialty beverage
companies: Austin Cocktails and Vivify Beverages.
“Our Focus on Female Founders program reinforces our commitment
to supporting the advancement of women within our company, within
our industry, and in our local communities,” said Mallika Monteiro,
chief growth officer, Constellation Brands. “This program is
designed to make meaningful investments in female-founded and
female-led businesses doing disruptive and innovative work across
beverage alcohol. Broadening our focus on this critical demographic
will drive incremental growth for our business, enhance our
relevance, deepen our consumer knowledge base, and broaden our
pipeline of ideas and talent.”
Women-led businesses are the fastest growing segment of
entrepreneurship in the U.S.1 and generate two times the revenue
per dollar versus the average non-women-owned businesses2, yet only
two percent of venture capital funding went to female-led companies
in 20173.
The Focus on Female Founders program supports emerging brands
and technologies that are in or adjacent to the beverage alcohol
space. Interested companies must be founded and/or led by women. In
addition to an infusion of capital, funding recipients will have
access to Constellation’s experienced staff and hands-on mentors;
brand-building, supply chain, governance and finance expertise;
strong relationships with distributors and retail partners; and a
community of fellow women entrepreneurs who can share knowledge and
offer support.
“Women are an underrepresented demographic in the beverage
alcohol industry and we are committed to doing our part to help
change this,” said Bill Newlands, president and chief operating
officer, and incoming chief executive officer, Constellation
Brands. “As consumer demographics, needs and choices continue to
evolve, we believe the focus and point of view that women-led
businesses bring to the table will help drive transformative
innovation and accelerated growth for our business and, more
importantly, for the beverage alcohol space at-large. And we are
very excited to jump-start this effort with two fantastic
companies, Austin Cocktails and Vivify.”
Co-founders and sisters Jill Burns and Kelly Gasink established
Austin Cocktails, an Austin, Texas based bottled cocktail company,
in 2012 using family recipes that originated with their
grandfather, Fred.
“We’ve worked hard to get where we are, and we’re thrilled to
have an investment from Constellation Brands to help us continue on
our growth journey,” said Burns. “Constellation Brands’ reach,
scale and influence will help take Austin Cocktails to a whole new
level.”
“With the funding and the added resources that Constellation
Brands has offered, we believe the opportunities in front of us are
endless,” said Gasink.
Today, Austin Cocktails offers five bottled cocktails – Cucumber
Vodka Mojito, Ruby Red Cocktail, Perfect Bergamot Orange Margarita,
Peppered Maple Blood Orange Bourbon Cocktail and New School Gin
Mule – that are made with premium spirits and fine, natural
ingredients.
Funds have also been invested in Vivify Beverages, makers of
innovative, premium alcohol beverage products that bring consumers
“better for you,” flavorful options that fulfill unmet consumer
needs in the beer aisle. The company’s first two products, Bravazzi
Hard Italian Soda and Itz Spritz, a gluten- free, alcohol spritzer,
are already gaining traction in markets across the
country.
“Constellation Brands thinks like we do. They are focused on
what is coming next, not on what has worked in the past,” said
Sarah Ross, co-founder and vice president of marketing and
innovation, Vivify. “We know we can leverage their investment in us
and their expertise to keep our momentum going.”
Vivify’s leadership team of industry veterans – including Ross;
Anne Ellis, co-founder and vice president of sales and marketing;
and Bob Walkenhorst, co-founder and chief executive officer – will
work closely with Constellation Brands to capture new consumers and
market share and to ignite growth.
The Focus on Female Founders application and evaluation process
aligns with Constellation’s ventures strategy of investing in
emerging, unique and distinctive brands. Constellation Brands
Ventures continues to
look for brands that have a point of differentiation in the
market; companies that want to welcome Constellation Ventures as an
active minority investor; organizations looking to grow beyond
their current markets; and entrepreneurs who want to grow their
business with the support of Constellation’s investment, mentorship
and involvement.
Terms of the Austin Cocktails and Vivify Beverages transactions
have not been disclosed.
1According to the U.S. Small Business Administration2According
to June 2018 BCG Why Women-Owned Startups Are a Better
Bet3According to data from Pitchbook, an M&A, private equity,
and VC database.
About Constellation Brands Constellation Brands
(NYSE: STZ and STZ.B), a Fortune 500® company, is a leading
international producer and marketer of beer, wine and spirits with
operations in the U.S., Mexico, New Zealand, Italy and Canada.
Constellation is the No. 3 beer company in the U.S. with high-end,
iconic imported brands such as Corona Extra, Corona Light, Modelo
Especial, Modelo Negra and Pacifico. The company’s beer portfolio
also includes Ballast Point, one of the most awarded craft brewers
in the U.S., and Funky Buddha Brewery. In addition, Constellation
is the world leader in premium wine, selling great brands that
people love, including Robert Mondavi, Clos du Bois, Kim Crawford,
Meiomi, Mark West, Black Box, Ruffino and The Prisoner. The
company’s premium spirits brands include SVEDKA Vodka, Casa Noble
Tequila and High West Whiskey.
Based in Victor, N.Y., the company believes that industry
leadership involves a commitment to brand building, our trade
partners, the environment, our investors and to consumers around
the world who choose our products when celebrating big moments or
enjoying quiet ones. Founded in 1945, Constellation has grown to
become a significant player in the beverage alcohol industry with
more than 100 brands in its portfolio; about 40 wineries, breweries
and distilleries; and approximately 10,000 talented employees. We
express our company vision: to elevate life with every glass
raised.
To learn more, follow us on Twitter @cbrands and visit
www.cbrands.com.
Forward-Looking StatementsThis news release
contains forward-looking statements. All statements other
than statements of historical fact are forward-looking
statements. The words “expect,” “intend,” and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such
identifying words. These statements may relate to business
strategy, future operations, prospects, plans and objectives of
management, as well as information concerning expected actions of
third parties. All forward-looking statements involve risks
and uncertainties that could cause actual results to differ
materially from those set forth in, or implied by, such
forward-looking statements.
The forward-looking statements are based on management's current
expectations and should not be construed in any manner as a
guarantee that such actions will in fact occur or will occur on the
timetable contemplated hereby. All forward-looking statements
speak only as of the date of this news release and Constellation
Brands undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
In addition to risks and uncertainties associated with ordinary
business operations, the forward-looking statements contained in
this news release are subject to other risks and uncertainties,
including other factors and uncertainties disclosed from
time-to-time in Constellation Brands, Inc.’s filings with the
Securities and Exchange Commission, including its Annual Report on
Form 10-K for the fiscal year ended February 28, 2018 and its
Quarterly Report on Form 10-Q for the fiscal quarter ended August
31, 2018, which could cause actual future performance to differ
from current expectations.
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