Alcoholic beverages producer Beam Suntory has announced the acquisition of ready-to-drink (RTD) cocktail brand On The Rocks (OTR) Premium Cocktails.

Financial details of the deal have not been disclosed by the companies.

Beam Suntory president and CEO Albert Baladi said: “On The Rocks is the pioneer in the premium pre-mixed cocktails category, and joining forces couldn’t come at a better time.

“On The Rocks is perfectly positioned to address evolving consumer preferences, including convenience, quality, the emerging home-premise, and cocktails-to-go. We have an ambition to become number one in the spirits-based ready-to-drink market, and On The Rocks will be a key growth platform that we’ll build along with our fast-growing pre-mixed highball products.

“We see tremendous opportunity to expand the OTR brand to new occasions, formats, cocktail recipes, and the low-ABV space.”

Beam Suntory previously owned a minority stake in the ready-to-drink cocktail brand which uses Beam Suntory’s brands in its cocktails range.

On The Rocks Premium Cocktails was established by Patrick Halbert and Rocco Milano 2015.

The company claims that all of its ready-to-serve cocktails are produced using natural ingredients beginning from recipe to manufacturing.

Halbert said: “On The Rocks is extremely proud of what we’ve accomplished and the leadership position we’ve built in this rapidly growing sector over the last five years.

“We are thrilled to join the Beam Suntory family, its world-class portfolio of premium brands, and its tremendous people.

“With our combined expertise in delivering quality and premium products, we’re confident that this is just the beginning as we pursue market leadership and delight consumers with high-quality premium cocktails in convenient formats.”

Meanwhile, in a separate development in the US beverage segment, Unilever has signed an agreement to acquire Liquid IV, a health-science nutrition and wellness company.

Established in 2012 by entrepreneur Brandin Cohen, Liquid IV is engaged in the production of electrolyte drink mixes.