Proximo Spirits takes control of Spanish distributor

Jose Cuervo owner Proximo Spirits has acquired Spanish distribution firm Icon Spirits, ending its joint venture with French producer Maison Villevert.

Tequila maker Proximo Spirits and French firm Maison Villevert signed an agreement to form a joint venture for Barcelona-based Icon Spirits in 2020.

Icon Spirits distributes Proximo’s portfolio of spirits, which includes Jose Cuervo Tequila, Dobel Tequila, 1800 Tequila, Kraken rum and Bushmills Irish whiskey. It also distributes Maison Villevert’s gin brands G’Vine, Nouaison and June, as well as La Quintinye Vermouth.

Icon Spirits, which has been renamed Proximo Spain, will continue to distribute Proximo and Maison Villevert’s products in the market following the deal.

The distributor’s revenue has risen from €4 million (US$4.2m) in 2016 to €36.6m (US$38.5m) in 2022.

Maison Villevert CEO Jean-Sébastien Robicquet said the potential buyout was always part of the firm’s agreement with Proximo and progressed “quicker because the brands and the business performed very well in Spain”.

“We are happy and proud to stay with this very professional and committed organisation thanks to a solid mutually beneficial distribution agreement,” he continued.

The deal will enable Maison Villevert to explore new markets and “consolidate existing organisations in France and UK,” the CEO said.

Fabien Callais, director of Proximo Spain, added: “From the beginning, it was expected that Proximo would retain 100% of Icon Spirits, now Proximo Spain.

“The challenge was for both parties to remain satisfied and to confirm their desire to continue working together in the Spanish market. I am glad that this is the case and that we can continue developing this unique portfolio.

“Proximo Spain will continue to invest to continue rapid growth, particularly in the prestige segment.”

Financial terms of the deal have not been disclosed.