UPDATE: UK/US: Blavod ends takeover talks
Blavod Extreme Spirits CEO Jeff Hopmayer has said the company will continue to keep its eyes open for "strategic partnerships" after announcing the end of potential takeover talks with a mystery suitor.
Hopmayer told just-drinks today (12 March) that the UK-based spirits group is open to joining forces with other companies as a means of boosting its standing in the US and the UK.
"The companies that are best able to utilise the distributors are significantly larger (than Blavod)," Hopmayer said. "We will continue to look at opportunities and one of the ways for us to grow could be through strategic partnerships and acquisitions so we can leapfrog ahead."
Hopmayer added: "We certainly are pretty small to be listed on an exchange and deal with the ups and downs of the share price that are a distraction to the business. Outside that, we'll continue to do what we do; we're growing every day."
Blavod said earlier today that it has stopped discussions with an unnamed suitor after the party failed to provide enough due diligence on itself to Blavod's satisfaction.
Hopmayer declined to name the company involved but revealed that the suitor was involved in "outside litigation" that would have hurt Blavod shareholders had a deal gone through. "As the single largest independent shareholder, I have an obligation to do what's right for all our shareholders."
Blavod owns a stable of brands including the eponymous black vodka, Players Extreme flavoured vodka and El Diamante del Cielo Tequila.
The company also distributes a slew of products on both sides of the Atlantic, including Cockspur rum in the UK and Italian wine Baroncini in the US.
Castle Brands has teamed up with Britvic in the Republic of Ireland to distribute its flagship spirit, Boru Vodka....
Perfect Renaissance, the Israeli manufacturer of Vodka Perfect, is expanding its business and, for the first time, will export its kosher vodka to France....
Diageo has detailed plans to invest in its leading brands, including Smirnoff, Baileys, Bell's, Bushmills and Guinness, in the build-up to Christmas in the UK....
Russian Standard Vodka is taking one of its vodka brands to India....
Blavod Extreme Spirits is planning to sell its US subsidiary to its CEO....
United Spirits is mulling an expansion of its vodka offering in its home market, according to reports....
Castle Brands plans to extend the recent packaging revamp for its Boru vodka brand to the UK in September....
Pernod Ricard's chief executive Pierre Pringuet has attended meetings with politicians on a recent trip to Sweden, suggesting that the French company remains interested in buying its rival Vin & Sprit...
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