Pernod Ricard has signed an agreement to take a majority stake in Del Maguey Single Village Mezcal.
The transaction is subject to usual condition precedents and is expected to close within 90 days.
Del Maguey Single Village Mezcal, founded in 1995 by entrepreneur Ron Cooper, features a range of super-premium mezcals from the Oaxaca region of Mexico. The “Single Village” name identifies every Del Maguey product by the village in which it is made.
“We partnered with Pernod Ricard because they understand and appreciate our mission of preserving the culture of the Zapotec people and protecting the traditional process of making mezcal,” says Cooper. “Through this partnership, our management team will gain increased opportunities to distribute our products to mezcal lovers around the world while also ensuring that the palenqueros – or families we work with – are able to continue crafting their liquid art for generations to come.”
Under the terms of the transaction, the management team of Cooper, Michael Gardner, Steve Olson and the rest of the Del Maguey team will remain in place. All of Del Maguey’s Mexico operations will remain intact as well.
“Del Maguey Single Village Mezcal is highly respected by consumers and the industry for its brand authenticity and relationships with local farmer producers,” says Jeff Agdern, SVP of Pernod Ricard USA’s New Brand Ventures Division.
Global sales of mezcal rose to a record $80 million in 2015, and U.S. volumes jumped 279% from 2005-2015, according to International Wine & Spirits Research.