FRANCE – Wines and Spirits giant, Pernod Ricard has acquired the remaining stake in dry gin brand Monkey 47 in a transaction makes the French beverage company the exclusive owner of the brand.
Pernod Ricard initially acquired a majority stake in Monkey 47 in 2016.The company said that the brand’s founder Alexander Stein will remain involved in the brand’s ongoing development
“I would like to thank Pernod Ricard for walking the talk. It has been a fantastic journey and I look forward to personally contributing to Monkey 47’s future trajectory.”
The French wine and spirits company made its initial investment in the brand through an agreement with German company, Black Forest Distillers as part of the company’s expansion plan into the fast growing super premium gin category.
Monkey 47 gin, which was created more than 60 years ago, has enjoyed growth at a global scale and is currently available in over 50 countries on four continents.
“This partnership is a clear example of Pernod Ricard’s ability to incubate small independent distilleries while respecting entrepreneurial freedom and the brand´s core values,” Alexandre Ricard, Chairman & CEO of Pernod Ricard said.
“However, Monkey 47’s success story would not have been possible without Alexander Stein’s trust, authenticity and entrepreneurial spirit, for which I am grateful.”
The deal further enables the Seagram’s and Beefeater brands owner, to augment its position in the global gin market, which is poised to grow by US$3.71 billion during 2020-2024, progressing at a CAGR of 5% during the forecast period, according to a Research and Markets projections.
Pernod Ricard is already a major competitor in the category which counts of other globally renowned distillers such as Asahi Group, Bacardi, Berry Bros. & Rudd, Davide Campari – Milano Spa, Diageo, Remy Cointreau, San Miguel, Suntory and William Grant & Sons among others.