Pernod Ricard has acquired the remaining stake in tequila brand Avión, three and a half years after paying $100 million to take majority control.
Avión produces several small batch, ultra-premium tequilas in eye-catching packaging.
The top-up to Pernod Ricard’s original stake comes seven months after it bought into the spirit mezcal, acquiring a majority stake in Mexican producer Del Maguey.
Paul Duffy, chief executive officer of Pernod Ricard USA, said: “Avión has become a leading aspirational lifestyle brand in the fast-growing ultra-premium tequila category. This acquisition is important for Pernod Ricard USA as we focus on premiumisation and building brands that consumers are passionate about. We look forward to continuing to develop and grow this exciting brand.”
Avión founder and chairman Ken Austin also said that Pernod Ricard’s people, distributors and brokers would ‘take Avión to the next level’.
Austin, along with Avión president Jenna Fagnan, will remain involved with the business and will be “incentivised through an earn out mechanism” that will last at least until 2020.
Source: FoodBev
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