Pernod Ricard has entered into an agreement to acquire alcohol manufacturer and marketer Castle Brands for approximately $223 million.
As part of the deal, Pernod will add brands such as Jefferson’s Bourbon, Brady’s Irish Cream and Clontarf Irish Whiskey to its portfolio.
In its full-year results published in June, Castle Brands saw its net sales reach $95.8 million as it was boosted by the “continued growth” of Jefferson’s.
Alexandre Ricard, Pernod Ricard CEO, 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.”
Castle Brands CEO Richard J. Lampen 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.”
Earlier this month, Pernod Ricard secured a deal to acquire Texas-based Firestone & Robertson Distilling Co, which produces the TX brand of whiskey and bourbon.
The company said that with the deal – which follows its acquisition of a majority stake in Kentucky-based Rabbit Hole Whiskey earlier in the year – it is expanding its portfolio to include brands with “unique and comprehensive value propositions”.
© FoodBev Media Ltd 2024
