Alcoholic drinks firm Diageo has announced the acquisition of Mr Black, a premium cold brew coffee liqueur from Australia.
In a statement, Diageo said it had already purchased a minority stake in Mr Black in 2015 through its incubator programme Distill Ventures.
Mr Black’s liqueur is described as being made using modern coffee brewing techniques and has reportedly become the fastest growing brand in the global coffee liqueur category in the last five years, with distribution expanded to 22 countries.
Claudia Schubert, Diageo 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”.
The investment was made using existing cash resources.