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Bacardi Set to Buy Patron
Rum and Coke or tequila and Lime? Either way, Bacardi has it covered. The rum giant has announced it plans to buy the maker of Patron tequila in a deal that will value Bacardi at $5.1B. The acquisition intends to diversify the brand and help position it to keep up with changing consumer tastes.
For roughly the past decade, Bacardi has owned a 30% stake in Patron Spirits International AG. If the transaction closes as expected in the first half of this year, it will make Bacardi “the number one spirits player “in the super-premium segment in the United States,” according to Bacardi and IWSR data (the world’s largest database for the alcoholic beverages market). Additionally, it will mean that Bacardi is the second largest spirits company in market share by value in the nation.
Since 2002, tequila volumes have increased 121%, which accounts for an average rate of growth of 5.8% annually. Bacardi’s spirits includes: Bombay Sapphire, Dewars, Martini, Grey Goose Vodka and Cazadores and Corzo (both tequila makers).
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