USA: Diageo makes minority investment in spirit alternative Ritual

Diageo, the leading alcholic drinks firm, has announced it has made a minority investment in the spirit alternative business Ritual via its accelerator arm Distill Ventures.

The investment marks a futher foray by Diageo into alcohol-free spirits, following its previous acquisition of a majority stake in Seedlip, described as the world’s first distilled non-alcoholic spirit brand.

Designed for use in cocktails, Ritual products use botanicals to echo the taste, smell and “burn” of alcohol can be swapped 1:1 with traditional spirits to make non-alcoholic versions of classic recipes, Diageo said. The product range, launched in September 2019 under the name Ritual Zero Proof, comprises a whiskey alternative and a gin alternative, and is currently available in selected locations in the on-trade, as well as through e-commerce channels.

Commenting on the deal, Heidi Dillon Otto, portfolio director and non-alcoholic lead at Distill Ventures North America, said: “We are thrilled to welcome Ritual Zero Proof and its seasoned team of drink entrepreneurs into the Distill Ventures portfolio as we build the future of non-alcoholic drinks, a category we have proudly supported since our investment in Seedlip back in 2015”.

Source: Diageo (via PR Newswire)