Japanese-American world leader in premium spirits firm Beam Suntory and Scotland-based ultra-premium spirits company Edrington have closed an agreement for an equity swap, ending their joint venture.
According to Beam Suntory’s press release, Beam Suntory will assume Edrington’s stake in Maxxium Spain, and Edrington will assume Beam Suntory’s stake in Edrington-Beam Suntory UK, via an equity swap. Both companies owned a 50 per cent stake in each business since 2009.
Pryce Greenow, president international & global sales excellence officer, Beam Suntory said: “We intend to invest in building our premium brands, including Jim Beam, Roku, Larios and DYC, as well as in our commercial capabilities to accelerate Maxxium Spain’s growth”.
Huw Pennell, Edrington’s regional managing director for Europe, said: “As our business sharpens its focus on the growing opportunities for ultra-premium spirits, we are pleased that this agreement will enable us to continue to work closely with the excellent Maxxium Spain team in Madrid to accelerate the growth of our portfolio”.
The deal, which marks the first time that Beam Suntory has full ownership of its route to market in Spain, will be effective from 2nd August 2021, subject to regulatory approval.
Source: Beam Suntory Press Release