Diageo acquires Lone River hard seltzer owner

Diageo has 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.

Featuring ingredients such as agave and lime juice, the brand’s portfolio currently includes three variants: Original, Spicy and Rio Red Grapefruit Ranch Water.

“We started Lone River with the dream of giving people a taste of far west Texas,” said Katie Beal Brown, who will continue to lead the business on a day-to-day basis as CEO of the brand.

“We found in Diageo a world-class partner who believes in our vision to bring the spirit of far west Texas to as many as we can.”

Debra Crew, president, Diageo North America, added: “We are excited to bring this vibrant young hard seltzer brand into our growing ready-to-drink portfolio.

“Lone River captures the magic of Americans’ love for agave-flavoured beverages combined with their desire for light, convenient refreshment.

“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.”

The deal will be funded through existing cash resources. The financial terms of the transaction have not been disclosed.

Diageo recently completed its acquisition of British gin and vodka maker, Chase Distillery, following regulatory clearance.