Constellation Brands has acquired a minority stake in a Chicago-based company called Crafthouse Cocktails, which is a maker of ready-to-drink cocktails.
The investment is the first project for Constellation Ventures, which is a newly-created venture within Constellation Brands, that will focus on identifying smaller-scale investment opportunities.
Executive Vice President and chief growth officer Bill Newlands says Constellation Ventures will allow the Victor-based company to support consumer-proven products early in their lifecycle.
The Wall Street Journal says the purchase price for the stake in Crafthouse Cocktails was less than $10 million. Crafthouse will continue to operate independently to produce, market and sell their products. The Journal says as part of its investment, Constellation will get one of the five seats on the Crafthouse Cocktails' board.
