Bacardi completes buyout of Patrón
Bermudian-based Bacardi Ltd has acquired Patrón Spirits International, maker of a well-known tequila brand Patron.
The deal, which was first announced three months ago, closed today.
The two companies have enjoyed a successful working relationship, since Bacardi acquired a 30 per cent stake in Patrón in 2008.
According to the most recent International Wines and Spirits Record data, the acquisition makes Bacardi the number one spirits company in the super-premium segment in the US and the second largest in market share by value in the US tequila market.
Tequila is one of the fastest-growing categories in the spirits industry, with Patrón the clear market leader in the super-premium segment.
“We are delighted to welcome the team from Patrón into the Bacardi family,” Mahesh Madhavan, chief executive officer of Bacardi, said.
“We continue to be inspired by their passion, culture of caring, attention to detail, and unwavering commitment to quality. Our promise is to uphold these qualities to ensure the product integrity, innovative marketing, and commercial success of Patrón tequila for years to come.”
Edward Brown, Patrón Spirits CEO, said: “With Bacardi and its global presence, there is vast potential to grow the Patrón brand outside the US, which is particularly exciting. Patrón has been a personal passion of mine for nearly 20 years, and I am thrilled to now be a part of the Bacardi family.”
Brown to receive further fees compensation
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