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Dive Briefing:
- Billionaire John Paul DeJoria, founder of Patrón Tequila, is acquiring Waterloo Gin for an undisclosed sum.
- The first gin brand distilled in Texas, Waterloo combines fruit and botanicals in its signature No. 9 Gin. It also sells an Antique Gin, aged for two years in white oak barrels to bring out its woody flavor.
- Many wealthy business executives, including the Bronfman family and LVMH CEO Bernard Arnault, have found success in the alcohol market by acquiring existing brands.
Dive Insight:
The Waterloo acquisition will allow the gin brand to grow with the support of a wealthy industry veteran who has a knack for turning around struggling brands. Noticeably.
“Waterloo is a high-quality, innovative, world-class gin that we are confident people will enjoy,” DeJoria said in a statement. “We are honored to have the opportunity to grow this incredible brand and share Waterloo Gin with more bartenders, retailers and consumers across the country.”
According to a press release, Waterloo’s manufacturing process and liquid will remain unchanged, but the brand will be refreshed and its national distribution network expanded early next year. It is currently available at select retailers and on its website in Texas and Florida.
Founded in 2009, Waterloo is led by Justin Meigs, who previously served as sales executive at popular craft beer brand Empress Gin. Elderflower has hired a CEO with significant experience in the liquor industry in Waterloo.
DeJoria started Patrón in 1989. The tequila brand was acquired by liquor giant Bacardi for $5.1 billion in 2018. DeJoria also founded hair care brand Paul Mitchell.
Gin, typically associated with Europe, is also growing in popularity in the United States, where consumers are seeking out premium, ‘escapist’ spirits, led by popular brands such as Bombay Sapphire, Hendrick’s and Brockmans.
According to Nielsen data cited by The Spirits Business, premium gin will grow faster than whiskey, vodka and rum by 2023.
