Splash Beverage Group Inc (NYSE: SBEV) has signed an agreement to acquire 80% of Pulpoloco Sangria, a Spanish wine brand, for an undisclosed sum.
Splash has previously acquired the distribution rights to Pulpoloco in 2020 and is currently the exclusive importer of Pulpoloco for the United States.
Pulpoloco Sangria is made in Madrid, Spain, following the family recipe of the founder Paul Damon with three variants, Crisp White, Soft Rose’, and Smooth Red.
The deal is expected to give Splash control over the manufacturing and distribution of Pulpoloco across the US and international markets, providing additional margin and revenue.
The transaction is expected to be closed by the end of August 2022.
Splash Beverage held $8.5 million in cash and equivalents as of March 31, 2022.
Price Action: SBEV shares closed higher by 4.23% at $2.22 on Wednesday.
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