Pernod Ricard gains stake in Sovereign BrandsBy Kate Malczewski
French drinks firm Pernod Ricard has acquired a minority stake in Sovereign Brands, producer of Bumbu rum.
US-based Sovereign Brands was founded by brothers Brett and Brian Berish in 2000, and has developed a portfolio that includes Caribbean rum brand Bumbu, French sparkling wine Luc Belaire and Brazilian gin McQueen and the Violet Fog.
Havana Club owner Pernod Ricard said its investment would not impact Sovereign Brands’ daily operations, management or distribution network, but represented the beginning of a ‘long-term partnership aimed at creating business opportunities’ between the two companies.
CEO Alexandre Ricard commented: “Sovereign Brands has demonstrated exceptional innovation and marketing skills. We are thrilled to partner with Brett and Brian Berish, two of the most innovative entrepreneurs of our industry.”
Speaking at Pernod Ricard’s fiscal 2021 results press briefing earlier today, Ricard explained that the investment’s goal is “innovation”, a “key accelerator” of growth for the business.
Brett Berish, CEO of Sovereign Brands, said: “Pernod Ricard is at the forefront of our industry for a reason: they are simply the best. We’re beyond excited to work with Alexandre Ricard and his talented team.”