Bacardi To Buy Patrón Tequila
Family-owned spirits company Bacardi Limited announced a definitive agreement to acquire 100% ownership of Patrón Spirits International AG and its PATRÓN brand, the world's top-selling ultra-premium tequila. This transaction reflects an enterprise value for Patrón of $5.1 billion.
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Patrón was founded by entrepreneurs John Paul DeJoria and Martin Crowley. Patrón tequila is produced from Weber Blue Agave.
Bacardi expects this transaction to close in the first half of 2018. Bacardi bought a significant minority stake in Patrón back in 2008.
Bacardi noted that, according to the most recent IWSR data, this transaction will make the company the number one spirits player in the super-premium segment in the U.S. and the second largest spirits company in market share by value in the critically important U.S. market.
Mahesh Madhavan, CEO of Bacardi Limited, stated, "Adding Patrón to the Bacardi portfolio creates a tremendous opportunity for the brand outside of the United States as Bacardi's international distribution network will help grow Patrón around the world, increasing scale in the U.S. and globally,"
Patrón leadership team, including Chief Executive Officer Edward Brown, Chief Operating Officer David Wilson, and Chief Marketing Officer Lee Applbaum, will continue in their roles.(dpa)
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