Bacardi Ltd., Hamilton, Bermuda, completed the transaction that makes the family owned company the sole owner of Patrón Spirits International AG, Schaffhausen, Switzerland, and PATRÓN, its super-premium tequila brand. The transaction follows a successful relationship the two companies have had since Bacardi’s initial acquisition of a 30 percent minority stake in Patrón Spirits in 2008.
According to the most recent International Wines & Spirits Record (IWSR) data, the acquisition makes Bacardi the No. 1 spirits company in the super-premium segment in the United States and the second largest in market share by value in the United States. Tequila remains one of the fastest-growing categories in the spirits industry, with Patrón a market leader in the super-premium segment, the company says.
“We are delighted to welcome the team from Patrón into the Bacardi family,” said Mahesh Madhavan, chief executive officer of Bacardi Ltd., in a statement. “We continue to be inspired by their passion, culture of caring, attention to detail, and unwavering commitment to quality. Our promise is to uphold these qualities to ensure the product integrity, innovative marketing, and commercial success of PATRÓN tequila for years to come.”
Patrón Spirits President and Chief Executive Officer Edward Brown added: “This is a momentous day for all of us at Patrón Spirits, and we are optimistic about the opportunities that lie ahead. With Bacardi and its global presence, there is vast potential to grow the PATRÓN brand outside the United States which is particularly exciting. Patrón has been a personal passion of mine for nearly 20 years, and I am thrilled to now be a part of the Bacardi family.”