Pernod Ricard has entered into an agreement to purchase alcohol producer and marketer Castle Brands for approximately US$223 million.
Under the agreement, Castle Brands shareholders will receive US$1.27 in cash for each share of Castle Brands' stock that they own.
Pernod's acquisition of Castle Brands will see the former company add Jefferson's Bourbon, Goslings rum, Brady's Irish Cream, The Arran single malt Scotch and Clontarf Irish whiskey to its portfolio.
Welcoming A "Great Brand Portfolio"
TheDrinksBusiness.com quotes Pernod Ricard CEO Alexandre Ricard as saying, "Through this acquisition, we welcome this great brand portfolio, in particular Jefferson's Bourbon, to the Pernod 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 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."
© 2019 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.