Molson Coors Beverage Company (NYSE: TAP) announced the acquisition of Atomic Brands, Inc., the maker of Monaco Cocktails, a ready-to-drink cocktail brand launched in 2012.

Monaco holds a 5% market share of ready-to-drink singles and ranks as the top independently owned RTD singles cocktail brand in the U.S. The brand is sold in over 70,000 retail locations across the country, with strong presence in convenience stores.

The acquisition supports Molson Coors' strategy to expand beyond beer products. The company's beyond beer portfolio includes brands such as Fever-Tree U.S. and Topo Chico Hard. Monaco offers flavors including Citrus Rush, Watermelon Crush, Lime Crush, and Black Raspberry.

"Don and his team have built something genuinely impressive with Monaco," said Rahul Goyal, President and CEO of Molson Coors. "We believe it has the scale, the consumer loyalty and the runway for growth that we've been looking for."

Don Deubler, Founder and CEO of Atomic Brands, stated that joining Molson Coors will "harness their unmatched distribution reach, operational expertise, and passion for iconic consumer brands to bring Monaco's high-octane fun to even more fans nationwide."

The majority of Monaco's current distribution overlaps with Molson Coors' U.S. distributor network. Molson Coors plans to increase marketing support and expand the brand through chain retailers.

The transaction is subject to closing conditions and is expected to close in the coming weeks, according to the press release statement.