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Pernod quiet over American whiskey bid reports
By Amy HopkinsPernod Ricard has refused to be drawn on reports the French drinks group is making a bid to acquire Utah-based High West Distillery.
Pernod Ricard has refused to comment on reports it is bidding for High West DistilleryAccording to Bloomberg, sources claim that Pernod Ricard is among the bidders for High West Distillery, whose auction is reportedly being handled by investment bank UBS Group AG.
The report claims that High West Distillery, Utah’s first legal distillery since 1870, could fetch around US$100 million.
However a spokesperson for Pernod Ricard said the group does not comment on M&A speculation, while High West Distillery has not yet responded to The Spirits Business‘s request for comment.
Last year, Pernod Ricard CEO Alexandre Ricard said the group’s brown spirits portfolio was so comprehensive, it did not need to own a brand in the fast-growing American whiskey category.
Pernod Ricard does have a small presence in Canadian whisky with the Wiser’s and Pike’s Creek brands, but exited the Bourbon and American whiskey category in 2009 when the group sold its Wild Turkey Bourbon and related businesses to Italian drinks group Gruppo Campari for US$575 million
However, at a recent roundtable event in London, the group’s finance head Gilles Bogaert said Pernod would consider acquiring “fast-growing premium brands” that could act as bolt-on businesses.
At the start of this year, Pernod Ricard bought a majority stake in German gin brand Monkey 47 for an undisclosed sum.