US: Diageo acquires cocktail mixer group Stirrings
Diageo has fully acquired Stirrings, the US premium cockatil mixer group, as it looks to target the growing number of consumers drinking at home in the economic downturn.
Diageo said today that it has raised its stake in Stirrings from 20% to 100%. Financial details were not disclosed.
The move gives the drinks giant a greater presence in the growing trend for entertaining at home, which has accelerated in the US during the country's recession.
Stirrings produces cocktail mixers, garnishes and bar ingredients, with a focus on premium and natural products. It was founded 12 years ago in Nantucket, an island off Massachusetts, by old family friends Gil MacLean and Bill Creelman.
"As people entertain more at home, they are looking for an easy way to serve bar-quality cocktails and Stirrings fits squarely within our at-home strategy," said Larry Schwartz, president of Diageo USA, which took a 20% stake in Stirrings in 2007.
"This is a great opportunity to further grow the Stirrings brand and create more synergies with Diageo's array of leading spirits brands."
Bob Swartz will stay on as CEO of Stirrings, which will continue to be based at Fall River, Massachusetts. He will be joined by Larry Freedman, who will continue to be responsible for innovation, operations and quality for the Stirrings line.
Co-founder Creelman said: "Diageo shares our vision around quality and will be able to bring the Stirrings line to more people around the world."
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