Diageo buys majority stake in non-alcoholic spirit Seedlip.
Booze giant Diageo has acquired a "significant majority" stake in Seedlip, ramping up its backing for the non-alcoholic spirits brand. The deal - completed for an undisclosed amount - makes Seedlip the latest brand to receive major investment by Diageo as part of its strategy to acquire businesses complementing its offering.
The London-listed spirits giant first invested in Seedlip through its independently run incubator scheme, Distill Ventures, in 2016. Since then, Seedlip has grown to have a presence in more than 25 countries, with its three variants stocked in more than 7,500 bars, restaurants and retailers.
Seedlip will now move into Diageo's Reserve portfolio, the brand's luxury range, where it will join the likes of Ketel One, Ciroc, Tanqueray 10 and Don Julio.
It was "a game-changing brand in one of the most exciting categories in our industry", said Diageo Europe, Turkey & India president John Kennedy.
He added Diageo was "thrilled" to work with Seedlip to boost its growth as "we believe [Seedlip] will be a global drinks giant of the future".
Seedlip's spirits are now sold in over 25 countries
|Printer friendly Cite/link Email Feedback|
|Comment:||Diageo buys majority stake in non-alcoholic spirit Seedlip.(News)|
|Date:||Aug 10, 2019|
|Previous Article:||city news.|
|Next Article:||Financial woes in food & drink up 3%.|