Pernod Ricard acquires Castle Brands for $223m
Pernod Ricard acquisition of Castle Brands : French alcoholic drinks producer Pernod Ricard has wrapped up its previously announced $223 million acquisition of US-based Castle Brands, the owner of Jefferson’s Bourbon brand.
The deal was announced in August 2019 under which the French drinks company offered to pay $1.27 per share to acquire 100% of Castle Brands along with assuming the net debt of the latter, via a cash tender offer followed by a merger.
Some of the brands of the US drinks company are Jefferson’s, Jefferson’s Presidential Select, Jefferson’s Ocean Aged at Sea Bourbon, Jefferson’s Reserve, Jefferson’s Wine Finish Collection and Jefferson’s Wood Experiments, Goslings Stormy Ginger Beer, Goslings Rums, and others.
Commenting on Pernod Ricard acquisition of Castle Brands, Alexandre Ricard – Chairman and CEO of Pernod Ricard said: “We’re thrilled about the closing of the Castle Brands acquisition and the opportunity it offers us in the world’s largest spirits market, the US, a priority market for the Group.”
At the time of signing the deal, Alexandre Ricard said that bourbon is an important category in the US which is said to be the single most important market for Pernod Ricard. Alexandre Ricard also said that Pernod Ricard acquisition of Castle Brands is in line with the former’s consumer-focused strategy to provide consumers the broadest range of high-quality premium brands.
Pernod Ricard, which produces American whiskeys like Smooth Ambler, Rabbit Hole and TX, expects to give Jefferson’s a strong path to market and secure its long-term development.
In August 2019, Pernod Ricard signed a deal to acquire Firestone & Robertson Distilling, a Texan craft whiskey distillery. Firestone & Robertson Distilling owns the TX whiskey brand.