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Castle Brands ups stake in GCP by 20.1%

Castle Brands has increased its stake in a joint venture with the owners of Goslings Rum, called Gosling-Castle Partners, to 80.1%.

GCP holds the distribution rights for Goslings Rum for all countries other than Bermuda

Castle Brands has acquired an additional 20.1% of Gosling-Castle Partners (GCP).

GCP holds the exclusive long-term export and distribution rights for Goslings Rum and Goslings Stormy Ginger Beer for all countries other than Bermuda.

It also announced that GCP’s exclusive export agreement with Gosling’s Export (Bermuda) Limited and exclusive distribution agreement with Castle Brands have been extended to 31 March 2030, with ten-year renewal terms thereafter.

“Since Castle Brands joined forces with the Goslings family to form GCP in 2005, sales of Goslings Rum have grown rapidly in the United States and internationally. Sales were approximately 170,000 cases (9L) during the 12 months ended December 31, 2016.

“In addition, we have worked together to launch and grow Goslings Stormy Ginger Beer, used in the trademarked Dark ‘n Stormy cocktail, an important driver of Goslings Rum sales. We are very glad that we have increased our ownership of GCP and have extended the terms of our Goslings agreements,” stated Richard J. Lampen, president and CEO of Castle Brands.

“We believe that our sales and marketing initiatives will enhance Goslings Rum sales and that the strong growth of Goslings Stormy Ginger Beer will expand the consumer base, grow brand awareness and drive more consumer pull. We look forward to working even more closely with Malcolm Gosling and the Gosling family to build the prominence of the iconic Goslings brands,” added John Glover, executive vice president and chief operating officer of Castle Brands.

In November last year, Castle Brands reported 5.9% net sales gains for the second quarter of its 2017 fiscal year, bolstered by the “continued strong growth” of its whiskey portfolio.

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