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Top 10
Top 10 spirits acquisitions in 2024
From non-alcoholic ‘spirits’ brands to whisky distilleries, here are our top 10 picks of the most surprising and intriguing acquisitions in 2024.
This year has brought uncertainty due to rising costs and the long-term effects of the pandemic, resulting in the Mackmyra and Waterford distilleries and the US division of Stoli filing for administration.
But not all news has been bad. With shifting consumer habits and companies’ growing interest in focusing on premium spirits, many brands and distilleries have changed ownership in 2024 – in some cases, creating new opportunities for growth.
Keep reading to find out which acquisitions caught our attention in 2024.
E&A Scheer by Platinum Equity
Finalised: January
Kicking off 2024, equity firm The Riverside Company announced the sale of one of the world’s largest bulk rum producers, E&A Scheer, to global investment company Platinum Equity for an undisclosed sum. Amsterdam-headquartered E&A Scheer specialises in sourcing and blending rum for business-to-business customers. The company operates ageing facilities in Liverpool in the UK, including The Main Rum Company subsidiary.
Under the new ownership, the company has expanded its rum portfolio with three new origins and significantly invested in upgrading its stainless steel tanks to meet demand for rum.
Read the full acquisition story here.
Courvoisier by Campari
Announced: December 2023
Finalised: February 2024
Beam Suntory – now Suntory Global Spirits – announced plans to sell its Cognac brand Courvoisier in December 2023 to Campari Group for US$1.2 billion. Described as ‘the largest in the group’s history’ by Campari, the purchase was signed and finalised on 26 February 2024. The transaction was financed through a combination of newly issued shares and a convertible bond offer.
In addition, Campari paid Suntory an estimated US$30 million for finished goods as part of a stock transfer agreement.
In September, Campari also acquired a 14.6% stake in Capevin Holdings (CVH Spirits), the owner of single malt whiskies Bunnahabhain, Deanston, and Tobermory, for £69.6m (US$92m).
Read the full acquisition story here.
The Lakes Distillery by Nyetimber
Announced: April
Finalised: June
English wine producer Nyetimber announced its intention to acquire Cumbria-based The Lakes Distillery in early April for £71 million (US$89m). The distillery was reportedly struggling financially in the years leading up to the sale. Located near the Lake District National Park, The Lakes Distillery was founded in 2011 and started operations in December 2014. The 11-acre site includes a distillery, visitor centre, shop and bistro.
The sale was finalised on 18 June.
Read the full acquisition story here.
Square One Spirits by Uncle Nearest
Announced: May
Following the Tennessee whiskey producer’s acquisition of a French vineyard in October 2023, Uncle Nearest announced its entry into the vodka category in May with the purchase of Square One Organic Spirits. The Virginia-based vodka brand was founded in 2004 by Allison Evanow as the first company dedicated to producing USDA-certified organic spirits.
In addition to Square One’s original rye-based vodka and four flavoured varieties, the brand’s portfolio includes a botanical spirit, ready-to-drink cocktails, cocktail syrups and mixers.
Read the full acquisition story here.
Atom Group by its founder
Announced: August
Six years after the ZX Ventures arm of AB InBev purchased Atom Group, which includes Master of Malt, Master of Malt Trade, Atom Brands and Maverick Drinks, the company was sold back to its founder, Justin Petszaft. The sale marked the group’s return to being a “fully independent and 100% founder-owned business”. Commenting on the acquisition, Petszaft said he was “over the moon” when AB InBev approached him with a buyback proposition, after which they spent several weeks working on a transition plan.
Read the full acquisition story here.
Connacht Distillery by Terroirs Distillers
Announced and finalised: September
In early December, Terroirs Distillers, owner of the Tullibardine distillery in Scotland, announced it had acquired Irish whiskey maker The Connacht Distillery for an undisclosed sum. The distillery was founded in 2013 in Ballina, County Mayo, on the northwest coast of Ireland, and released its first single malt in 2021. According to Terroirs Distillers, the deal would strengthen its presence in the single malt whiskey category and demonstrate its focus on developing premium spirits brands.
Read the full acquisition story here.
Famous Grouse by William Grant & Sons
Announced: September
As part of the company’s growing focus on ultra-premium spirits, Edrington reached an agreement in late September to sell its blended Scotch whisky brands The Famous Grouse and Naked Malt to William Grant & Sons. The sale will be made through Edrington’s subsidiary, The 1997 Company Limited, for an undisclosed sum, subject to customary regulatory approvals, including from the UK’s Competition and Markets Authority.
Read the full acquisition story here.
Ritual Zero Proof by Diageo
Finalised: September
After acquiring a minority stake in Ritual Zero Proof through its brand accelerator, Distill Ventures, in 2020, Diageo announced in late September that it had added the brand to its non-alcoholic portfolio. The company already owned three of the five largest non-alcoholic brands globally by value.
Ritual was founded in 2019 in Chicago, Illinois, by David Crooch, Marcus Sakey, and GG Sakey. The line was created to give consumers a simple way to enjoy their favourite cocktails without alcohol, and today, the brand offers alternatives to whiskey, Tequila, gin, rum and apéritifs, all of which can be substituted one-to-one with traditional spirits.
Read the full acquisition story here.
Nordic brands by Hartwall
Announced: October
On 17 October, Pernod Ricard announced it had signed an agreement to sell Minttu liqueur and its affiliated portfolio of local Nordic brands and production assets in Turku, Finland, to Oy Hartwall AB. Hartwall is a leading Finnish multi-beverage company and has been part of the Danish group Royal Unibrew since 2013.
Subject to customary conditions, the acquisition is expected to be finalised during the third quarter of the 2024/25 fiscal year – and by June 2025 at the latest.
Read the full acquisition story here.
Svedka Vodka by Sazerac
Announced: December
In December, Constellation Brands agreed to sell Svedka vodka to Sazerac, with the deal expected to close in the coming months. The sale is the latest in a long line of transactions carried out by Constellation Brands in recent years, as the company seeks to build on its strategic efforts to further align its wine and spirits portfolio with evolving consumer preferences and growing market sectors by focusing on higher-end wine and spirits brands and products.
In addition to the signature vodka, the sale of Svedka includes a selection of flavoured vodkas, a zero-sugar flavoured vodka range, a ready-to-drink line and a collection of hard seltzers.
In March, Sazerac also announced its plans to acquire RTD cocktail brand BuzzBallz from founder Merrilee Kick. The sale was finalised in May.
Read the full acquisition story here.
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