Carling owner Molson Coors is snapping up an 8.5% shareholding in Fever-Tree Drinks in a bid to drive the next stage of growth in the US.

The proceeds of the issue will be returned to shareholders via a share buyback programme of £71m, in a move Fever-Tree co-founder and chief executive Tim Warrillow has termed “transformational”.

The brands’ new long-term strategic partnership looks to boost the exclusive sales, distribution and production of Fever-Tree in the US, building on its “strong growth” in the country since first entering the market in 2008.

While the leading supplier of premium carbonated mixers has since become the number one tonic and ginger beer brand across America, it said that combined with Molson Coors’ expertise, scale and total beverage ambition, the partnership provides a “transformational platform” to drive it to the “next level”.

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Warrillow said: “With a national network providing significant scale and muscle, alongside its proven track record, supply chain expertise and clearly stated strategic desire to drive the future of their business beyond beer, Molson Coors are the ideal long-term partner to take the Fever-Tree brand to the next level across the US.

“This partnership will be fuelled by a step change in marketing investment to take advantage of the highly compelling opportunity ahead.”

Molson Coors Beverage Company chief executive Gavin Hattersley added that with the US being both Molson Coors’ and Fever-Tree’s biggest global market by revenue, he believes the partnership provides “ample opportunity for our teams to build on the strong success Fever-Tree has achieved to date”.

“Our distributors and customers have been asking for a brand just like Fever-Tree from us, and by leveraging the scale, strong relationships and expertise of our team at Molson Coors. I’m confident in the road ahead for Fever-Tree as part of Molson Coors’ growing set of non-alc offerings in the US.”