YO SOY FIESTA
Family owned rum-maker Bacardi is buying the outstanding 70% stake it doesn’t own in the self-proclaimed ultra premium tequila brand, Patron. The deal values Patron at $5.1B. Mmm, tastes like Spring Break ’09. The high-end rum runners have been expanding their brand offering to be inclusive of all young party goers seeking bad decisions.
Bacardi has been on a mission to become a major player in the premium spirits space since new CEO, Mahesh Madhavan, took over in October. The Cuban based company now owns its own Bacardi Rum line, Grey Goose Vodka, Patron Tequila and Bombay Sapphire Gin. Seems like they are really trying to corner the Long Island Iced Tea market.
Get the salt and lime
Alcohol sales were down 1.3% in 2016 but the tequila market grew by 5.2%. Coincidentally Applebee’s served up $1 margs over the same period.
Bacardi needed to make a splash to stay relevant in the blue agave industry as Diageo recently made headlines by purchasing George Clooney’s tequila brand “Casamigos” for $1B. As if he needed the money.
(BroBible.com)
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