Diageo has agreed to sell its premium Scotch whisky brand, Windsor, to Bayside/Metis, a South Korean private equity group for KRW 200 billion (approx. £124 million).
The transaction, which will also include the W series, will see Diageo supply Scotch whisky to Bayside/Metis under a 10-year supply agreement.
Sam Fischer, president of Asia Pacific and global travel for Diageo, said: “This transaction marks the next chapter for Diageo Korea. We remain fully committed to the market and further developing our international spirits and beer business, which is being driven by premiumisation and consumer interest in categories like international whisky.”
He continued: “We take a disciplined approach to capital allocation and this sale is very much in line with our track record of active portfolio management. We are grateful to our Diageo Korea employees for all their dedication and support of the Windsor business and we will work with them, the Union, our valued customers and partners, and Bayside/Metis to ensure a smooth transition.”
Bum Jun Kim, CEO of Bayside Private Equity for Bayside/Metis added: “Windsor is an important addition to our investment portfolio and allows us to participate in the dynamic Korean beverage alcohol market. We are confident that we can build on the innovation of Windsor and unlock further potential. We will work closely with Diageo to ensure a smooth transition over the next few months.”
The deal is expected to be completed in fiscal 2023.
New product releases from Diageo:
RTD Smirnoff flavoured vodka
Captain Morgan limited-edition cherry vanilla rum
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