Constellation Brands announced Thursday that its venture capital arm has acquired a minority stake in Hiyo, an "organic, non-alcoholic social tonic" brand.
Constellation, whose beer, wine and spirits brands include Modelo Especial, Robert Mondavi and Casa Noble, said the move would expand its non-alcoholic lineup and complement its current portfolio.
Terms of the deal were not disclosed.
“Their distinctive brand and delicious liquid make it clear to see why Hiyo is one of the fastest-growing names in the functional non-alcoholic space, and we look forward to collaborating with the team to help bring their innovative products to even more consumers," Constellation Senior Vice President of New Business Ventures John Utter said in the announcement.
The companies said that Hiyo is currently sold in over 3,000 "points of distribution" in the U.S., including retailers Whole Foods Market, Sprouts Farmers Markets and The Vitamin Shoppe.
