The deal is expected to close next month, and terms have not yet been publicly announced. From the press release:
VICTOR, N.Y., August 13, 2014 – Constellation Brands (NYSE: STZ and STZ.B), a leading beverage alcohol company, today announced that it will acquire the Casa Noble tequila brand. The transaction includes the Casa Noble trademark and related assets. It is expected to close in September 2014 and is subject to customary closing conditions. Terms of the purchase were not disclosed.
The tequila category continues to grow steadily, with super premium and above tequila growing 10% in the U.S. market in 2013 according to DISCUS. Casa Noble super premium tequila is a high-quality brand that posts consistent, double-digit growth. Constellation Brands has a successful track record of integrating high-potential brands into its portfolio and amplifying their strong marketplace momentum.
“I’m excited for the opportunity to integrate Casa Noble tequila into our existing portfolio,” said Rob Sands, chief executive officer, Constellation Brands. “As the first super premium spirits brand we’ll add to our portfolio, Casa Noble is a natural fit. It complements our successful Mexican beer brands and we intend to leverage our existing strong routes-to-market, as well as our marketing expertise and deep knowledge of the Hispanic consumer,” he added.
Casa Noble tequila is made from organic blue agave grown in the hills of Jalisco, Mexico – a region known for its unique soil that produces very high quality agave. The award-winning Casa Noble family of tequilas includes Casa Noble Crystal, Reposado and Añejo as well as limited production of several other higher-end Casa Noble tequilas.
“Aligning with the world class portfolio of Constellation Brands will enable the Casa Noble brand to continue to grow its position as one of the highest rated super premium tequila brands in the market,” said Otto Hoernig, CEO and Chairman of Casa Noble Holdings. “The original co-founders of Casa Noble and true tequila visionaries David Ravandi, Carlos Hernandez and Jose Hermosillo created a truly elegant brand. Together with our equity partner, Carlos Santana, we built upon the brand’s integrity and commitment to quality, resulting in this new future for Casa Noble with Constellation Brands,” added Hoernig.
To continue building on the early success of Casa Noble, Jose “Pepe” Hermosillo, will join the Constellation team and lead the continued development of Casa Noble overseeing the brand’s operations and remaining the brand’s most senior ambassador. “As a founding partner of Casa Noble, I’m looking forward to joining forces with Constellation Brands, a company with such a strong reputation for driving growth, to build this brand to its highest potential,” added Hermosillo.