Heaven Hill acquires Deep Eddy Vodka
Heaven Hill Brands has acquired fast-growing Deep Eddy Vodka, just three months after the brand said it had “no plans to sell at this time”.
The US spirits producer, owner of the Evan Williams and Elijah Craig Bourbon brands, has purchased the entire business of Texas-based Deep Eddy Vodka and its distillery from Eliza Spring for an undisclosed sum.
The brand has experienced rapid growth since its launch in 2011 with sales of more than 500,000 cases today. Since the launch of its Ruby Red expression in 2013, Deep Eddy has increased sales by 300%.
“This is a milestone day for Heaven Hill Brands as we add Deep Eddy Vodka and their entire team to our dynamic and innovative family,” said Max L. Shapira, president of Heaven Hill Brands.
“Deep Eddy Vodka is a star on the rise in the spirits industry and is redefining the premium vodka market with a quality product and iconic marketing programs. The brand is a perfect fit for our established portfolio of rapidly-growing products.”
Deep Eddy, which has also attributed a large part of its growth to “innovative marketing and sales programmes”, will continue to be made in Austin, Texas, and will operate independently.
The news of the brand’s acquisition comes just three months after Eric Dopkins, CEO of Deep Eddy Vodka, said it did “not have any plans to sell at this time” and that it will “continue to maintain independence” amid takeover rumours in the US.
An article in Market Watch stated the Texas-based vodka producer was being sold through investment bank UBS AG back in May.
Dopkins, who will remain continue as president of Deep Eddy Vodka, said of the acquisition: “This is an incredible day for Deep Eddy Vodka. The Deep Eddy team and their distributor partners will remain in place and continue to build on the exceptional momentum of the brand alongside Heaven Hill.”
It was revealed last year that Deep Eddy planned to open a new distillery in Texas that would allow it to exceed production of two million cases. The 30,000 square foot premises opened in December 2014.
Deep Eddy is reportedly “on track” to shift 1m cases in 2016.