Colorado-based company New Age Beverages Corporation has signed a definitive agreement to acquire the assets of Marley Beverage Company.

This acquisition includes Marley’s brands in ready-to-drink coffee and relaxation drinks and teas. The line complements New Age’s Healthy functional beverage range.

In February, New Age Beverages Corporation completed a $17.5m financing and up-listing to the NASDAQ Capital Market Exchange.

The consideration for the acquisition consists of 2.85 million shares of common stock in addition to a potential earn out based on performance in exchange for substantially all of the assets of Marley Beverage Company.

"In excess of $35 million has been invested in building the awareness and loyalty of the Marley brand in beverages."

Marley Beverage Company paid $1m in management fees to New Age under the terms of the management agreement, which New Age entered in October, 2016, to integrate the sales, marketing, and distribution areas.

Marley Beverage Company's principal Gary Shiffman said: "We are very pleased to be partnering with New Age and confident that the Marley brand is in good hands. Our management agreement over the past six months gave both companies a real-time, real-world opportunity to diligence each other, and New Age's leadership team and commercialisation capabilities proved to be exceptional.

“In excess of $35 million has been invested in building the awareness and loyalty of the Marley brand in beverages, and we are confident the brand will capitalize on that investment under the leadership of the New Age Beverages Corporation."

The closing of the transaction is subject to certain closing conditions.