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Pernod Increases Stake in Avion
Pernod Ricard USA now holds a significant majority state in Avion Spirits LLC, owner of tequila brand Avion. From the press release:
Press release – Paris, 10 July 2014
Pernod Ricard USA has completed the acquisition of a significant majority stake in Avión Spirits LLC, owner of the ultra-premium tequila brand Avión, from its joint-venture partner Tequila Avión.
This transaction reflects Pernod Ricard's confidence in Avión's brand equity and growth potential, and the brand's important role in Pernod Ricard's growth ambitions in the United States, the largest market of the group. It also illustrates the capacity of Pernod Ricard to seize targeted external growth opportunities in the super-premium+ segment in the United States as a complement to the group's innovation strategy.
Bryan Fry, Chief Executive Officer of Pernod Ricard USA, stated: "thanks to the close working relationship between Pernod Ricard and Ken Austin, Founder and Chairman of Tequila Avión and Jenna Fagnan, Avión Spirits President, Avión has delivered excellent results since the creation of the joint-venture in 2011. The ultra-premium brand has become a bartender and consumer favorite and today benefits from very strong brand equity and momentum. Avión is an important brand in Pernod Ricard USA's portfolio and we have great confidence in its future. With our increase in ownership we are pleased to further strengthen this partnership to continue to build a successful brand in the years ahead."
Ken Austin commented: "This has continued to be a dream come true story for me, Jenna and our team. Avión has become a player in one of the most competitive industries and categories in the drinks business. While there is much work to be done, we are well on our way to become an iconic brand of the future. I am proud of our achievements especially being voted World's Best Tasting Tequila and Best Tasting Unaged White Spirit at the San Francisco World Spirits Competition.
With this move, Pernod Ricard is displaying significant confidence in Avión and the role it will play in bolstering their position in the United States and beyond. The Pernod Ricard people, their distributors and brokers, their route to market strategy and entrepreneurial spirit have been and will continue to be key drivers in taking Avión to the next level.
Finally, we are very pleased to be delivering real value for Tequila Avión shareholders, who have supported us immensely and have been on this journey with us since day one."
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