Diageo sells Windsor whisky arm
Johnnie Walker owner Diageo has offloaded its Windsor Global whisky subsidiary to a South Korean investment firm.
On 27 October, Diageo signed and completed the sale of the Windsor Global arm, which owns blended Scotch brand Windsor, to PT W Co, a South Korean company sponsored by Pine Tree Investment & Management Co.
The private equity firm now owns 100% of the shares in Windsor Global.
John O’Keeffe, president for Asia Pacific, global travel and India for Diageo, said: “This transaction reflects Diageo’s disciplined approach to capital allocation and further highlights our continued track record of active portfolio management.
“We remain fully committed to Korea and our international spirits and beer business. Our position in the market remains strong as premiumisation trends persist and consumer interest in categories like international whisky continues to grow.”
The deal comes just over a year after Diageo pulled its US$163 million deal to sell Windsor to a private South Korean equity group after it failed to meet certain conditions.
Diageo first announced its agreement to sell the brand to the South Korea-based Bayside Private Equity and Metis Private Equity (Bayside/Metis) consortium in March 2022.
Imports of whisky into South Korea surged in the first half of 2023, rising by 50% year-on-year, due in part to the rising popularity of Highball cocktails.