Prime Drink Group Corp. enters into binding letter of intent to acquire Triani Canada
Prime Drink Group Corp. has announced that it has entered into a binding letter of intent dated January 21, 2024 with 9296-0186 Québec Inc. (9296) whereby the Prime Drink Group will acquire all of the issued and outstanding common shares of Triani Canada Inc. from 9296 by way of business combination.
Triani is a Québec-based company specialized in the production, bottling and sale of alcoholic and non-alcoholic beverages to a large client roster including prestigious brand names across North America with unaudited non-IFRS annual net revenue of $28.4 million and Adjusted EBITDA of $4.4 million for the year ended November 30, 2023. Founded in 2015, Triani experienced solid growth following the company’s successful foray into Québec grocery stores with its Cantini, Ettaro, and Enjoy wine brands. Triani produces and markets Octane, Mojo, Baron, and Seagram malt-based alcoholic beverages, as well as non-alcoholic products under the Hickson brand.
It also markets alcoholic and non-alcoholic microbrewery beers from Brasserie les 2 Frères (Hickson, Série Découverte, and Charles-Henri), as well as produces several other alcoholic beverages for both the Canadian and American markets.
Olivier Primeau, newly appointed chief, branding and innovation of Prime, stated: “I am thrilled and deeply proud of this major transaction, which represents the culmination of a goal I have ardently pursued since my initial investment in the Company. With unwavering confidence, we believe that our combined expertise in sales, marketing, and production will serve as the catalyst to unlock Triani's full potential, propelling Prime into a new era of growth across North America.”
Prime’s CEO Alexandre Côté stated: “This is a game changer for Prime. The value of this transaction for our shareholders is unprecedented. I wish to thank Tristan and Joannie for their cooperation and commitment to this common objective. Their expertise will help us in becoming a fully integrated beverage business from production to distribution.”
“We are confident that the outcome of this transaction will lead to mutually-beneficial opportunities, capitalizing on our combined expertise, premium assets, and enhanced financial capacity through Prime’s public company status,” said Triani’s CEO, Tristan Bourgeois Cousineau. “The expansion of our processing facility to over 100,000 ft underscores our commitment to catering to a growing clientele, which includes the production of well-established brands. Our strategic alignment with Prime is expected to facilitate the expansion of our operations and expertise across North America.”
“On behalf of the Board of Directors, I'm pleased to recognize our team's collaborative effort that led to the successful conclusion of this binding LOI to acquire Triani,” said Raimondo Messina, chairman of the board of Prime. “Though more work lies ahead to conclude this transaction and accelerate Prime’s goal of becoming a leading diversified beverage holding company, our ambitious and passionate Board and management team remains fully dedicated to making it happen. This is only the beginning!”
