Pernod Ricard has announced its acquisition of a minority stake in wine and spirits company Sovereign Brands.
US-based Sovereign creates new wine and spirits brands. The company says that it builds each of its brands “from the ground up” and its portfolio includes Luc Belaire sparkling wine and Bumbu rums.
Following Pernod Ricard’s investment, the two groups will continue to operate independently. The agreement does not provide for changes in Sovereign’s day-to-day operations, management or distributor network.
The investment is said to be the beginning of a long-term partnership aimed at creating business opportunities between Sovereign Brands and Pernod Ricard in the future.
“Sovereign Brands has demonstrated exceptional innovation and marketing skills. We are thrilled to partner with Brett and Brian Berish, two of the most innovative entrepreneurs of our industry,” said Alexandre Ricard, CEO of Pernod Ricard.
Sovereign Brands CEO Brett Berish, who co-founded the company with his brother Brian Berish, added: “Pernod Ricard is at the forefront of our industry for a reason: they are simply the best. We’re beyond excited to work with Alexandre Ricard and his talented team.”
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