Constellation Brands, a leader in beverage alcohol, has announced the acquisition of Austin Cocktails, supporting continued growth in the fast-growing RTD segment and reinforcing the company’s ongoing commitment to female representation within the industry.
Austin Cocktails, a fast-growing, female-founded -to-drink cocktail company from Austin, Texas, rose to fame after creating premium bottled and canned craft cocktails. Initially, Austin Cocktails was created by two sisters who launched the brand as a tribute to their late grandfather, Fred. Fred’s focus on family and his love of good spirits inspired co-founders Jill Burns and Kelly Gasink to create high-quality beverages in convenient ready-to-drink (RTD) formats.
Austin Cocktails is currently distributed in 28 U.S. states and its results could not be more promising. Last year it grew 135% as RTD trends continue to grow in popularity among U.S. consumers. The Austin Cocktails brand will be integrated into Constellation’s Fine Wine & Craft Spirits division along with brands such as High West and The Prisoner Wine Company.
Mallika Monteiro, executive vice president and chief growth, strategy and digital officer at Constellation Brands notes that “Austin Cocktails and its co-founders, Jill and Kelly, are at the forefront of understanding market trends toward premiumization. The quality of their drinks is unmatched in the ready-to-drink category.”
Women-founded companies accounted for only 2% of venture capital investments in 2021, which was the second consecutive year in which the number of women-founded companies receiving funding declined. Constellation’s Focus on Female Founders initiative, announced in 2018, aims to directly increase representation and access to funding by investing $100 million in women-led or women-founded companies by 2028.
Analyses show that startups founded by women that receive funding are more likely to succeed and generate greater value than companies founded by men. Companies founded by women also hire more women, helping to close the wage gap.
