Molson Coors has invested in Fever-Tree, forming a partnership that gives the beer giant exclusive commercialization rights for the upscale mixer brand in the U.S. The deal, effective February 1, will also see Molson Coors taking on co-production duties for Fever-Tree’s portfolio. The companies announced that Molson Coors has taken an 8.5% stake in Fever-Tree for $88 million, making it the second-largest shareholder in Fevertree Drinks plc.

Fever-Tree’s portfolio includes a variety of tonics, colas, ginger beers, and other mixers, and the brand is a leader in the upscale mixer category. The company had revenue of £364.4 million ($454m) in 2023, including U.S. sales of £117 million ($146m). Fever-Tree is forecasting low single-digit growth for this year.—Shane English