Bacardi has become the sole owner of Ireland-based Teeling Whiskey Company.
The spirits giant acquired a minority stake in Teeling in 2017, having increased its holding to gain majority ownership in 2022.
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Mahesh Madhavan, the CEO of Bacardi, said: “There is so much long-term potential for the Irish whiskey category globally and with Teeling we are perfectly positioned to take advantage of every opportunity.”
Financial terms were not disclosed.
Brothers Jack and Stephen Teeling, the founders of Teeling, “will remain a part of the brand, shaping its future and driving growth for the long term as strategic advisors”, Bacardi said.
Set up in 2012, Teeling opened Dublin’s first new distillery in 125 years in 2015. Its whiskey is exported to more than 80 markets worldwide.
“Working closely with the Bacardi team over the last nine years has proven to us that as a family-owned company, Bacardi appreciates the value of everything the Teeling brand stands for and its commitment to raising the bar for Irish whiskey,” Jack Teeling said.
The value of Irish whiskey export sales fell 5% last year amid a tough trading climate for the category, especially in the US, according to data released in January.
Meanwhile, on Monday, Bacardi announced changes to its senior management.
Vijay Subramaniam, the president of Bacardi’s operations in Asia, Middle East and Africa (AMEA) and its global travel retail business, will take over as president of the company’s European arm. Subramaniam became AMEA president in 2018, after starting as India managing director five years prior.
Ignacio Del Valle will take on the role of regional president of Bacardi’s operations in Latin America and Caribbean as part of the reshuffle. Del Valle, a 30-year Bacardi veteran, previously led the company’s businesses in the two markets and in Europe.
Vinay Golikeri, the managing director of Bacardi’s businesses in India and Southeast Asia, will succeed Subramaniam.
The appointments take effect on 1 October.
