Arctic Blue Beverages appoints new CEO, plans US expansion through joint venture

From Yahoo Finance: 2025-07-01 09:20:00

Arctic Blue Beverages has named Petri Hirvonen, former CFO, as its new CEO, succeeding Valtteri Eroma. The company plans to tighten its scope and expand into the US market. Hirvonen recently signed a letter of intent to form a joint venture with US investors to introduce Arctic Blue Long Drink in the US.

Eroma, who joined Arctic Blue Beverages in 2020, announced his decision to step down after five years as CEO. He expressed pride in the company’s growth and success, particularly in building a Nordic spirits brand with unique products sold globally. Eroma plans to support future projects, including the US expansion.

Antti Villanen, chairman of Arctic Blue Beverages, praised Eroma for leading the company through a significant growth phase. Hirvonen, with his financial acumen, is well-positioned to guide the company forward. Hirvonen, who joined the company in 2022, brings extensive experience from MM Board & Paper and a regional cooperative in Finland.

Arctic Blue Beverages has also announced the departure of COO Kimmo Wager. Hirvonen looks forward to leading the company’s growth phase with a leaner cost structure and a focus on international expansion. The US venture, co-owned by investors and the company, will receive between $2m and $2.5m for market entry and growth.

The company’s portfolio includes Arctic Blue Laku, gin, and dairy-free oat liqueur. Products are sold in Finland, Sweden, Japan, and Australia. The US market entry is expected to begin in late 2025 or early 2026. Definitive agreements for the venture are set to be finalized by the end of August.



Read more at Yahoo Finance: Arctic Blue Beverages appoints new CEO amid US expansion