New York/NYSE -- Cott Corporation has paid around $130 million to acquire Aimia Foods, a U.K. firm with  annual sales in excess of £70 million.

The exact sale price, however, is subject to Aimia hitting profit targets.

The acquisition is Cott’s first foray into the European food and drinks market. It currently has operations in Florida, Canada and Mexico.

Cott's chief executive officer, Jerry Fowden, said, "The Aimia Foods acquisition accelerates our diversification strategy, bringing a strong hot and cold beverage platform and multiple foodservice relationships into our portfolio.

“Aimia has extensive expertise in new product categories, packaging formats and trade channels, such as the packaging of powdered beverages, which we believe enhances the diversification opportunities available to the combined businesses. Aimia's core strengths lie in the manufacturing, sale and marketing of Aimia-owned and third party licensed beverage brands across all sectors of the U.K. market, including foodservice, vending, cash & carry and retail.

“Aimia has been highly successful in maintaining strong relationships with leading brand-owners and outsourcing partners, and we look forward to continuing to build these relationships under Aimia's current leadership team."

Aimia Foods managing director, Rob Unsworth, said, "We firmly believe that bringing Aimia Foods into the Cott family will provide additional opportunities for the benefit of our employees and customers alike. Our leadership team is excited to work with Cott to keep building on the strong foundation already established.”