Last updated on January 30th, 2020 at 01:14 pm
Constellation Brands has acquired a minority stake in Milwaukee-based PRESS Premium Alcohol Seltzer as part of its Focus on Female Founders program.
New York-based Constellation is the company behind brands like Corona, Modelo, Kim Crawford and Robert Mondovi wines, and Scedka vodka. The Focus on Female Founders program is a commitment by the company to invest $100 million in female-founded or led companies through 2028.
In a November blog post, Constellation Ventures vice president Jen Evans said the company is looking for products and brands poised to outpace the competition, with high quality and high margins and a strong proof of concept in areas that represent the future of beverage alcohol and adjacent categories.
“As an independent, woman-led and co-owned brand made of natural ingredients, this quality premium seltzer fits Constellation’s Focus on Female Founders program and the company’s overall high-end strategy,” the company said in a statement announcing the PRESS deal.
PRESS was co-founded by Amy Walberg and business partner Jim Sorenson in 2015.
“Constellation has a wonderful tradition of supporting woman-owned beverage ventures and their success in building high-end, high-margin brands is a perfect fit for PRESS Premium Alcohol Seltzer’s premium positioning. This minority investment will allow us to more broadly tell our compelling brand story and accelerate pace in reaching our goals as an independent brand,” Walberg said in a statement.