Pernod to buy majority stake in Código 1530
French firm Pernod Ricard has agreed to acquire a majority stake in Código 1530 Tequila for an undisclosed sum.
Ron Snyder, Federico Vaughan and George Strait founded the ultra-premium Tequila brand in 2016.
The move will see Pernod expand and diversify its Tequila offering, which already includes Olmeca, Altos and Avión. The company’s mezcal portfolio includes Del Maguey and Ojo de Tigre.
Alexandre Ricard, chairman and CEO of Pernod Ricard, said: “Código’s range of exquisite Tequilas reinforces our offer of ultra-premium-plus agave products in the US, where the category is enjoying a very strong momentum.
“It is a privilege to partner with Ron Snyder, Federico Vaughan and George Strait with whom we share a common vision for Código 1530 and common ambition to strongly accelerate and strengthen the success of the brand.”
Produced in Jalisco, Mexico, Código 1530 is based on an ancestral Tequila recipe.
The brand’s portfolio includes a range of ultra-premium bottlings (Blanco, Rosa and Reposado) and Prestige products (Añejo, Barrel Strength Añejo and Origen Extra Añejo).
In addition to Tequila, the brand offers two mezcals, Código Mezcal Artesanal and Código Mezcal Ancestral.
The Tequila is available in 50 US states and is said to be in the early stage of its global expansion with a presence in more than 30 markets.
Ann Mukherjee, CEO of Pernod Ricard USA, added: “We are incredibly excited to welcome Código 1530 into our portfolio, enhancing our agave products offer especially in its upper segment where consumers and connoisseurs are eager to discover brands that combine strong roots with the most exclusive quality.
“Thanks to our newly enhanced portfolio, we have never been more confident to lead the growth of the spirits industry within the US market.”
Through its partnership with Pernod Ricard, the brand is ‘poised to accelerate its global development’ and extend its consumer base.
Snyder commented: “To gain the backing of Pernod Ricard is a powerful alliance, and a logical progression that will benefit consumers with an expanded reach through our collaborative growth.”
The deal comes hot on the heels of Pernod Ricard’s recent move into sotol with the purchase of a minority stake in Nocheluna, a new brand created by Mexican spirits firm Casa Lumbre and singer Lenny Kravitz.