Becle, S.A.B. de C.V., announced that it has entered into a definitive agreement to acquire the Pendleton Whisky brand assets from Hood River Distillers, Inc. Becle has agreed to pay $205 million.
Pendleton Whisky was launched in 2003 and has since grown its annual sales volume to more than 250,000 nine-liter case equivalents. In addition to the core Pendleton Whisky expression, the acquisition includes the Pendleton Midnight, Pendleton 1910 and Pendleton Directors’ Reserve expressions.
Mark Teasdale, president and CEO of Proximo Spirits, Inc., the U.S. operating subsidiary of Becle, said, “We are excited to announce this transaction today. The Pendleton Whisky brand will fill an important strategic position in our portfolio, as we add a fastgrowing, super premium whisky to complement our broad selection of international spirits ... We view Pendleton as the next step in developing our world-class portfolio of whiskies. We expect to build on the remarkable success of Pendleton using our resources as a full-service, global spirits company.”
“We are very pleased with how the Pendleton Whisky brand has grown over the past 15 years,” said Ronald R. Dodge, CEO of Hood River Distillers. “This is a tremendous opportunity for the brand. Proximo has the resources, the market reach and the commitment to turn our dreams for the Pendleton brand into reality. While this represents a major shift for Hood River Distillers, we are extremely proud of our team for growing Pendleton to where it is today and helping us achieve this outstanding accomplishment.”
Hood River Distillers will continue to bottle the Pendleton portfolio of products for Proximo and will continue to operate its remaining brands.
The transaction is expected to close during the first quarter of 2018, subject to the receipt of regulatory approvals and other customary closing conditions. There can be no assurance that the transaction will occur or will occur on the expected timetable.
VACE Partners acted as exclusive financial adviser to Becle. J.P. Morgan Securities LLC acted as exclusive financial adviser to Hood River Distillers, Inc.
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