Pernod Ricard Buys Minority Stake in Non-Alcoholic Brand Almave
Provided by
Dow Jones
By Pierre Bertrand
Pernod Ricard said it has bought a minority stake in non-alcoholic spirit brand, Almave.
The French distiller said Almave is a blue agave-based spirit brand founded by British Formula One driver Lewis Hamilton, Mexico-based incubator Casa Lumbre and advisory and investment firm Copper.
Pernod added that agave-based drinks were highly sought after and that the purchase allows the company--which houses brands such as Absolut vodka and Ballantine's whisky--to cater to a growing trend for non-alcoholic products.
Pernod didn't disclose financial details of the purchase.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
August 29, 2024 04:42 ET (08:42 GMT)
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