Guinness Manufacturer Diageo Acquires Far West Spirits LLC
Guinness manufacturer Diageo has announced that it has acquired Far West Spirits LLC, owner of the Lone River Ranch Water hard seltzer brand, which takes inspiration from the popular classic Texan "Ranch Water" cocktail.
Lone River was founded in 2019 by native Texan Katie Beal Brown, who will retain a minority interest and continue to lead the business on a day to day basis, as chief executive officer of the brand. She will work closely with Diageo North America leadership to build further on Lone River's success.
The Lone River portfolio consists of three offerings - original, spicy and Rio Red grapefruit.
Lone River's original offering is a hard seltzer flavoured with organic blue agave nectar and lime juice, its spicy offering has a kick of the Texas state pepper, jalapeño, and its Rio red grapefruit offering has a squeeze of the Texas state fruit, Rio Red Grapefruit.
Diageo North America President Statement
Diageo North America president Debra Crew stated, "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."
Lone River Beverage Company Founder And CEO Statement
Meanwhile, Lone River Beverage Company founder and CEO Katie Beal Brown commented, "We started Lone River with the dream of giving people a taste of Far West Texas. We are so grateful for the diverse set of communities that have embraced our brand, extending far beyond our small place on the map. 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."
Funded Through Existing Cash Resources
The acquisition will be funded through existing cash resources.
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