US: Diageo ties up with Stirrings in US
The global drinks giant announced today (12 April) that it has agreed to take a 20% minority investment in Stirrings. The deal has been structured to allow Stirrings to maintain strategic and operational control over its brands at this time, the company said. Financial details of the deal were not disclosed.
"We are pleased that Diageo has taken an interest in Stirrings," said Paul Nardone, president and CEO of Stirrings. "This investment is an opportunity for us to continue our proven business approach and maintain the path we embarked on with the Stirrings brand years ago."
Ivan Menezes, president and CEO of Diageo North America, added: "Both our companies have great brands that are complementary to one another and the possibilities for working together are many. In becoming a minority partner in this venture, Diageo hopes to continue to develop a mutually beneficial relationship."
The Stirrings portfolio consists of over 50 products such as mixers, Rimmer brand cocktail garnishes, infused essences, bar ingredients and cocktail sodas. The company was formed in 1997 and is based in Nantucket.
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