USA – Constellation Brands, through its investment initiative, Focus on Female Founders program has acquired a minority stake in Wisconsin-based Press Premium Alcohol Seltzer.
Focus on Female Founders is a program initiated by the company’s corporate venture capital group, Constellation Brands Ventures (CBV), that has committed to supporting the advancement of women within the alcoholic beverage industry.
Through the program, Constellation seeks to make meaningful investments in female-founded and female-led businesses doing disruptive and innovative work across beverage alcohol and adjacent categories.
As an independent, woman-led and co-owned brand made of natural ingredients, Constellation Brands said that Press Premium Seltzer fits the company’s focus on Female Founders program and the company’s overall high-end strategy.
Press was co-founded by Amy Walberg and her business partner Jim Sorenson in 2015 and has already achieved a top-10 position in the seltzer category.
The company has strong offerings and unique premium flavors such as Blackberry Hibiscus, Pomegranate Ginger, Lime Lemongrass, and Grapefruit Cardamom.
Press is based in Milwaukee, Wisconsin, USA and is made with a lower alcohol by volume (ABV 4%) for consumers who prefer lower ABV drinks, and to allow Press’ complex flavors to break through.
Walberg will continue with her role as the brand’s CEO and principal decision-maker for Press.
While terms of the transaction were not disclosed, the brand now will benefit from Constellation’s experienced staff and hands-on mentors; brand-building, supply chain, governance and finance expertise.
Constellation intends to invest US$100 million in female-founded or female-led businesses in the beverage alcohol space and adjacent categories by 2028 through the Focus on Female Founders program.
According to the US Small Business Administration, Women-led businesses are the fastest growing segment of entrepreneurship in the country and generate two times the revenue per dollar versus the average non-women-owned businesses.
Constellation believes that investing in such businesses will broaden its focus on this critical demographic and drive incremental growth for the company, enhance its relevance and deepen consumer knowledge base while broadening the brands pipeline of ideas and talent.