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Beverage giant Pernod Ricard has acquired a minority stake in premium non-alcoholic agave-based spirit brand Almave.

Almave was co-founded by sportsman Lewis Hamilton, Mexican incubator Casa Lumbre and investment firm Copper. The acquisition is particularly attractive to Pernod Ricard as it satisfies increasing global demand for both tequila and non-alcoholic products.

Almave is the first non-alcoholic blue agave spirit distilled in Jalisco, Mexico, and is made without fermentation – traditional tequila is made from the cooked and fermented juice of agave. Almave is available in two expressions: Blanco with a fruity green vegetal aroma, ideal for mixing, and Ámbar, crafted for both mixing and sipping, with rich and complex notes of cooked agave, caramel and vanilla.

Pernod Ricard expects to bring its experience in brand building and global distribution to help scale this ‘first-of-its-kind' product to several markets across the world.

Alexandre Ricard, chairman and CEO of Pernod Ricard, said: “With Almave, Lewis Hamilton and Casa Lumbre have designed something that is truly exceptional in terms of quality, taste and positioning. Agave is a highly sought-after category across the world. Having a non-alcoholic proposition in our premium portfolio that pays full tribute to the craft and savoir-faire of its traditional distillation makes it a true gem. I’m very excited to see Pernod Ricard support the development and fulfil the true potential of Almave.”

Co-founder Lewis Hamilton commented: “When I decided to embark on this project it was important to me to find partners who could help me realise my vision without compromise. I am proud we were able to do that, not just in quality and taste but also with real ingredients and time-honoured techniques...It’s exciting that Pernod Ricard has, today, become an official stakeholder in Almave; allowing us to unleash the potential of the next stage of our journey, and help take Almave to even more people around the world.”

Ivan Saldaña, co-founder and master distiller of Casa Lumbre, added: “Casa Lumbre is proud to continue its record of partnering with individuals and companies who can support our vision of representing Mexico’s national spirit and plant in an authentic way beyond proof. Being able to achieve that type of faithful education to people in all corners of the world is a dream. Thanks to Pernod Ricard, it will soon become the global reference of this very innovative category”.

Financial terms of the deal were not disclosed.

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