UK distiller William Grant has bought a stake in Tequila producer Milagro for an undisclosed sum.

The company said today (29 January) that it has bought a 30% stake in the business, which was founded in 1997 by two Mexican entrepreneurs, Moises Guindi and Daniel Schneeweiss.

William Grant already handles the Milagro brand in the US and said its investment in the company "confirms William Grant's commitment to the long-term growth of this premium Tequila brand".

William Grant CEO Roland van Bommel said: "Our involvement with Tequila Milagro is part of the ongoing strategy to invest in premium brands that complement our award-winning portfolio and offer dynamic growth opportunities.

"We look forward to working with the Tequila Milagro team on continuing to build the brand in the US, and to developing the brand's growth potential in other key Tequila markets."