Pernod Ricard Buys Castle

Pernod Ricard buys Castle.
   
Pernod Ricard buys Castle Brands for $223 million.
   
Castle brings to the deal Jefferson’s Bourbon, Gosling's rum, Knappogue Castle, Clontarf, Brady’s Irish Cream, and The Arran Malt.  Castle also imports other spirits brands.
   
Alexandre Ricard of Pernod said: ‘Through this acquisition, we welcome this great brand portfolio, in particular, Jefferson's bourbon whiskey, to the Pernod Ricard family.  Bourbon is a key category in the US which is our single most important market.  This deal aligns well with our consumer-centric strategy to offer our consumers the broadest line-up of high-quality premium brands.  As with our American whiskeys Smooth Ambler, Rabbit Hole, and TX, we would give Jefferson's a strong route to market and secure its long-term development, while remaining true to its authentic and innovative character.’
   
Richard Lampen of Castle Brands said: ‘We are pleased to reach an agreement with Pernod Ricard, which is the result of months of planning and deliberation by our board of directors.  We are confident that this transaction, upon closing, will deliver immediate and substantial cash value to our shareholders.’
   
BofA Merrill Lynch served as financial adviser to Pernod Ricard.  Debevoise & Plimpton served as legal adviser.
   
Perella Weinberg Partners and Houlihan Lokey served as financial advisers to Castle Brands.  Holland & Knight served legal adviser.  Sullivan & Cromwell served as legal adviser to Castle Brands’ financial advisers.

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