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Jose Cuervo owner to acquire Pendleton Whisky
Jose Cuervo parent Becle has entered into an agreement to purchase Canadian whisky brand Pendleton from US spirits producer Hood River Distillers for US$205 million.
Jose Cuervo owner Becle is to purchase Pendleton Whisky for US$205 million
In addition to the core expression, the deal includes the Pendleton Midnight, Pendleton 1910 and Pendleton Directors’ Reserve expressions.
Pendleton Whisky was launched in 2003 and has since grown its annual sales volume to more than 250,000 nine-litre case equivalents.
The Oregon-based producer will continue to bottle the Pendleton portfolio and will also continue to operate with its remaining brands.
Mark Teasdale, president and CEO of Proximo Spirits, the US operating subsidiary of Becle, said: “We are excited to announce this transaction today. The Pendleton Whisky brand will fill an important strategic position in our portfolio, as we add a fast-growing, super premium whisky to complement our broad selection of international spirits.
“Following the successful acquisitions of Bushmills Irish whiskey and Stranahan’s Rocky Mountain Single Malt Whiskey, and the rapid growth of Tincup American Whiskey, we view Pendleton as the next step in developing our world-class portfolio of whiskies. We expect to build on the remarkable success of Pendleton using our resources as a full-service, global spirits company.”
“We are very pleased with how the Pendleton Whisky brand has grown over the past 15 years,” said Ronald R. Dodge, CEO of Hood River Distillers.
“This is a tremendous opportunity for the brand. Proximo has the resources, the market reach and the commitment to turn our dreams for the Pendleton brand into reality. While this represents a major shift for Hood River Distillers, we are extremely proud of our team for growing Pendleton to where it is today and helping us achieve this outstanding accomplishment.”
The transaction is expected to close during the first quarter of 2018, subject to regulatory approvals and other customary closing conditions.