US/COLOMBIA – Alcoholic beverage giants Diageo and Pernod Ricard have announced new acquisitions that will further bolster their positions in the alcoholic beverage market.
In the US, Diageo, acquired Far West Spirits, the owner of the Lone River Ranch Water hard seltzer brand.
Taking inspiration from the classic Texan ranch water cocktail, Lone River was founded by Katie Beal Brown, who retains a minority interest.
Diageo said Katie Beal Brown will continue to lead the business on a day-to-day basis as CEO of the brand.
Commenting on the acquisition, Diageo North America President Debra Crew said, “ This acquisition is very much in keeping with our strategy to acquire high-growth brands in fast-growing categories and we look forward to working with Katie and her team to drive Lone River’s continued momentum.”
FoodBev reported that Diageo’s deal will be funded through existing cash resources though the financial terms of the transaction have not been disclosed.
The acquisition follows a recent announcement by the British alcoholic beverages maker that it had recently completed its acquisition of British gin and vodka maker, Chase Distillery, following regulatory clearance.
Pernod Ricard’s majority stake acquisition in Colombia’s La Hechicera rum
Meanwhile in Colobia, Pernod Ricard announced that it had agreed to acquire a majority stake in Colombian rum brand La Hechicera for an undisclosed sum.
La Hechicera – which translates as “the enchantress” – was launched in 2012 and offers a range of premium rums that include La Hechicera Reserva Familiar, Serie Experimental # 1, and Serie Experimental # 2, a banana-infused offering.
In addition to Colombia, La Hechicera is sold in several international markets, as well as in global travel retail.
“Due to its previous successful collaborations, Pernod Ricard has shown itself to be the partner of choice for La Hechicera,” said Miguel Riascos, co-founder and managing director of La Hechicera.
“Pernod Ricard’s passion for terroir and its extensive distribution network will ensure that our brand remains true to its Colombian roots and the vision of its creators, while reaching new consumers.”
The agreement marks Pernod Ricard’s latest effort to strengthen its portfolio of speciality brands from around the world, with St. Petroni, Ojo de Tigre and Monkey 47 also among its recent acquisitions and partnerships.
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