Pernod Ricard has continued its buying spree in the realm of spirits with the purchase of Castle Brands.
The acquisition price is $223 million.
The deal comprises the entire Castle Brands portfolio — including Jefferson’s Bourbon — following Pernod Ricard’s recent investments in Rabbit Hole, Smooth Amber and TX.
“This deal aligns well with our consumer-centric strategy to offer our consumers the broadest line-up of high-quality premium brands,” says Alexandre Ricard, chairman and CEO of Pernod Ricard. “As with our American whiskies Smooth Ambler, Rabbit Hole and TX, we would provide Jefferson’s a strong route to market and secure its long-term development, while remaining true to its authentic and innovative character.”
The transaction is expected to close in the fourth quarter of 2019.
“We are very pleased to reach an agreement with Pernod Ricard, which is the result of months of planning and deliberation by our Board of Directors,” says Richard J. Lampen, president and CEO of Castle Brands. “We are confident that this transaction, upon closing, will deliver immediate and substantial cash value to our shareholders.”