Cizzle Brands Corporation acquires Flow Water Inc.’s Co-Packing Business

Counsel to Rucker Investments in respect of its sale of Flow Water Inc.’s co-packing business to Cizzle Brands Corporation

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On December 24, 2025, Cizzle Brands Corporation completed its acquisition of Flow Water Inc.’s co-packing business from RI Flow Sub LLC, an indirect subsidiary of Rucker Investments LLC, for approximately $83.75 million subject to customary post-closing adjustments. The acquisition price was funded through a comprehensive financing package, including a senior secured credit facility from Orion Infrastructure Capital (OIC) together with a vendor take-back loan from the seller, and two concurrent non-brokered private placements of Cizzle.

Flow Water Inc.’s co-packing business specializes in beverage manufacturing and following the sale, it is expected to operate under the name Cizzle Brands Manufacturing Inc., with its facility in Aurora, Ontario, known as the CWENCH Hydration Factory. Cizzle Brands Corporation is a sports nutrition company that develops and markets CWENCH Hydration™, Spoken™ Nutrition, and HappiEats™, distributing products across Canada, the United States, and Europe.

Miller Thomson LLP advised the seller with a team led by Florind Polo (Corporate, M&A & Securities) and Kenneth Rosenstein, and comprised of Paul Neville, Connor Broude, Paul Dimerin, Jayme Millar (Corporate, M&A & Securities), Zachary Masoud, Shaun Parekh, Vittoria Blanco, Nadim Elkommos (Financial Services), Julia Cicconi, Stuart Chaimberg (Transactions & Leasing), Kyla Mahar, Matthew Cressatti (Restructuring & Insolvency), David K. Bailey (IP/IT), Tamara Farber (Environment), Lisa Goodfellow (Labour & Employment), Kathryn Walker and Colleen Ma (Tax).