CANADA – Canadian beverage start-up Mod Beverage has acquired assets of the now-defunct TBA Beverage, including several beer brands and a brewing facility, for an undisclosed sum.
Through the deal, Mod Beverage will continue to sell and produce TBA’s beer brands such as Spectrum beer, Haus lager and Phantom beer.
As part of the deal, Mod will also take over Canadian operations of Seattle-based Odin Brewing, as well as a brewing facility in Vancouver.
Mod will also retain the sales staff from TBA Beverage, which was formerly known as Craft Collective Beerworks and Factory Brewing.
Based in Vancouver, Mod is wholly-owned by founders Alex Milne and Paul Mroczek, who will serve as Mod’s CEO and President, respectively.
The start-up aims to build a portfolio that ‘champions’ every segment of the alcoholic and non-alcoholic beverage markets, from cold-brew coffee to IPAs (India Pale Ales).
As a result of the acquisition, TBA’s brands will join Mod’s existing portfolio that includes Mighty hard coconut water, Parade hard seltzer, Getaway hard cider and Boujee canned wine.
According to Mod, it will be developing and launching more new brands, with plans to develop each into self-sustaining companies.
“We see Mod as a way to merge the large-scale distribution model of a Diageo or a Molson Coors with the quality and imagination of the craft breweries that we love,” said founder and president of Mod Beverage, Paul Mroczek.
“We’re really all about getting great brands and great products to as many Canadians as possible – beer, wine, cider, you name it.”
TBA has had a difficult time achieving market success since it first debuted production in 2017.
It tried a number of strategies including changing names three times and launching new house brands such as Haus Lager and Spectrum to no avail.
Finally, TBA bowed out citing inability to cover the cost of operations due to a number of factors including the recent pandemic and a downturn in Canada’s hospitality sector.
The acquisition of assets by Mod beverages will however extend the life line of the brewery and secure jobs which could otherwise have been lost following the winding down of TBA.
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