USA – Pernod Ricard, the French spirit and wine group has entered into an agreement to acquire alcohol manufacturer and marketer Castle Brands for approximately US$223 million.
As part of the deal, Pernod Ricard will add brands such as Jefferson’s Bourbon, Brady’s Irish Cream and Clontarf Irish Whiskey to its portfolio.
Alexandre Ricard, Chairman and Chief Executive Officer of Pernod Ricard said:“Through this acquisition we welcome this great brand portfolio, in particular, Jefferson’s bourbon whiskey, to the Pernod Ricard family.
“Bourbon is a key category in the US which is our single most important market. This deal aligns well with our consumer-centric strategy to offer our consumers the broadest line-up of high-quality premium brands.
“As with our American whiskies Smooth Ambler, Rabbit Hole and TX, we would provide Jefferson’s a strong route to market and secure its long-term development, while remaining true to its authentic and innovative character.”
Richard J. Lampen, President and Chief Executive Officer of Castle Brands added: “We are very pleased to reach an agreement with Pernod Ricard, which is the result of months of planning and deliberation by our Board of Directors,”
“We are confident that this transaction, upon closing, will deliver immediate and substantial cash value to our shareholders.”
The transaction is subject to approval of customary conditions. In addition to the investment in The United States, Pernod Ricard has also unveiled a US$1.2 billion share buyback and a new investment China, its largest markets.
Pernod Ricard appoints new independent directors
Pernod Ricard has also announced the appointment of Philippe Petitcolin and Esther Berrozpe Galindo as independent directors as the company continues to refresh its board of directors.
Pernod said that Pierre Pringuet and Martina Gonzalez-Gallarza have both offered to resign from their respective mandates at the next Annual General Meeting, to accelerate this process of strengthening the independence of the Board of Directors.
Patricia Barbizet has also joined Pernod Ricard’s board in what the company said further strengthens its forts of increasing increase diversity, independence and the international and female representation on the Board of Directors.