FRANCE/US: Pernod Ricard takes 84% stake in Tequila producer Avion Spirits
Pernod launched the JV in 2011
Pernod Ricard has increased its share in Tequila joint-venture Avion Spirits to 84%.
The Paris-based group confirmed today (11 July) that it has upped it share in the JV it has with Tequila Avion to produce the New York-based firm's namesake Tequila. Exact financial details were not disclosed, but a Pernod spokesperson told just-drinks the deal was "under US$100m".
Pernod took a 20% stake in the Avion Spirits JV when it was launched in 2011.
In a statement today, the French wine and spirits group said the deal reflects Tequila Avion's “important role in Pernod Ricard’s growth ambitions” in the US. It follows Pernod's May acquisition of Kenwood Vineyards in California.
Tequila Avion was launched in July 2010 and is produced from the Blue Weber agave found in Jalisco, Mexico. According to the New York Post, the brand is backed by investors including AOL chief executive Tim Armstrong and YouTube co-founder Chad Hurley.
For a factsheet on Tequila Avion, click here.
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