Heineken takes full control of Brazil's Better Drinks, maker of Praya and Baer-Mate
What's the deal? HeinekenDealroom has a profile for this one. Try Dealroom → has agreed to acquire control of Better DrinksDealroom has a profile for this one. Try Dealroom →, the Brazilian company behind Praya beer and Baer-Mate sparkling tea, InvestNews reported. The Dutch brewer will hold 100% of Better Drinks' voting shares, taking sole command of a business it first entered as a minority partner in 2024.
What's the deal, in detail? The transaction runs through subsidiary HNK BR Indústria de Bebidas, combining new share subscriptions with purchases of existing stock. Some Better Drinks executives will remain as shareholders, but their stakes convert to non-voting preferred shares.
What's being acquired? The deal covers intellectual property for the brands, including trademarks, domain names, and product formulas. Beyond Praya, Baer-Mate, and Mamba Water, it takes in the canned-wine brand Vivant and ready-to-drink cocktail line F!VE Drinks — neither of which has recorded sales since 2024.
Why now? Heineken called the move "a natural evolution of the partnership" (translated from Portuguese). It already handles sales and distribution for the active brands, took over beer production in September 2025, and began making Mamba Water this year.
Who built it? Better Drinks was founded in 2022 by Felipe Della Negra, former CEO of Red Bull Brazil, and Felipe Szpigel, formerly of AB InBev, uniting a set of independent drinks brands. The company has 67 shareholders, none holding individual control.
What could go wrong? The deal still needs clearance from Brazil's competition regulator, the Conselho Administrativo de Defesa Econômica. The transaction value was not disclosed.
The signal: The acquisition fits Heineken's bet on new occasions and categories beyond beer, including lower-alcohol and non-alcoholic drinks expanded in Brazil this year. With direct control of Praya and Baer-Mate, the brewer can push the brands through its own commercial network — a reach their founders lacked when they merged to win shelf space in a market dominated by two large groups.
Read more: investnews.com.br
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