Prime Drink Group Corp. said it has signed a non-binding letter of intent with Les Entreprises du Groupe Geloso to form a 50-50 joint venture for the Beach Day Every Day (BDED) beverage brand.
The proposed partnership covers distribution, marketing, production and development of BDED in Canada outside Quebec, the United States and Europe. Prime would contribute BDED’s assets to the new entity, while Geloso would manage operations and business activities in the designated territories.
The definitive agreement will include an initial five-year exclusivity term for distribution, co-manufacturing, agency, pricing and bottling rights in the agreed markets. Completion remains subject to Geloso completing due diligence, receipt of third-party consents, finalization of distribution agreements and Prime’s previously announced acquisition of Prime Capital Investments Inc., completed on August 26.
Prime Drink Group, listed on the Canadian Securities Exchange under ticker CSE:PRME, is a Quebec-based company active in beverages, influencer media and hospitality. Geloso, a family-owned beverage business operating for more than 60 years, manages over 50 brands and 250 products, employs more than 500 people and maintains facilities in Canada, the U.S. and Europe.
The companies stated there is no assurance the strategic partnership will be completed on the proposed terms or at all.
