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USB plans to increase its sales force in major markets throughout the United States with the investment. USB’s current management team will continue to manage all aspects of the company, it said.
“I’m excited by this partnership particularly because I believe our business across the entire portfolio will benefit,” said Joseph Fisch, president and chief executive officer of USB, in a statement. “The investment will provide USB with greater stability, market power and resources, enhancing our ability to optimize the position for all of our brands.”
S.A. Damm is one of the biggest beverage companies in Spain with seven beverage production and bottling plants across the country.
“Group Damm’s goal is to be the leader in each sector in which we compete,” said Jorge Villavecchia, chief executive officer of S.A. Damm, in a statement. “In looking for access to the lucrative U.S. market, we wanted to find the right partner with a proven track record for building great brands. U.S. Beverage has proven through their performance that they are the ideal partner for us in the U.S.”