Alcoholic drinks firm Diageo has announced the acquisition of Mr Black, a premium cold brew coffee liqueur from Australia.
According to Diageo’s press release, the firm had already purchased a minority stake in Mr Black through Distill Ventures in 2015, a Diageo program to support entrepreneurs.
Mr Black’s liqueur is made using modern coffee brewing techniques and over the last five years, it has become the fastest growing brand in the global coffee liqueur category, being now available in 22 countries.
Claudia Schubert, Diageo’s president of U.S. spirits and Canada said: “With its award-winning liquid, eye-catching design and packaging, and ability to thrive in culture, we believe Mr Black is just getting started in the dynamic coffee liqueur segment. This acquisition is in line with our strategy to acquire high growth brands in exciting categories, and we are delighted to welcome Mr Black into our portfolio”.
Mr Black’s co-founder Tom Baker is said to remain involved with the brand.
The investment was made using existing cash resources.