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Benzinga
Benzinga
Business
Shivani Kumaresan

EXCLUSIVE: Splash Beverage Acquires 80% Stake In Spanish Wine Brand Pulpoloco Sangria

Splash Splash Beverage NYSE SBEV Splash Beverage Group Inc
  • 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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