News Briefs for January 26, 2017January 26, 2017
•Mexico’s Jose Cuervo, which is set to launch an initial public offering in the coming weeks, is seeking to raise more than $700 million via the listing, according to CNBC. Cuervo executives have reportedly started an investor roadshow with the IPO scheduled for early February, and CNBC says that the Tequila giant held an investor presentation yesterday in which it said it planned to offer around 475 million shares on the Mexican stock exchange, priced at 30-34 pesos ($1.43-$1.62) per share. CNBC also reports that Singapore’s Temasek Holdings is planning to take 20% of the offer, a stake that’s valued at around $175 million. Meanwhile, 15% of the IPO will be dedicated to an “overallotment option” set aside for international investors based on demand.
•Stoli Group USA has added its second new spirits category in as many months, entering the whiskey arena with the Kentucky Owl Bourbon brand. Stoli parent SPI Group has acquired global rights to Kentucky Owl, and the company will be expanding the brand’s distribution both nationally and internationally. In the U.S., Stoli Group USA will initially focus efforts on increasing Kentucky Owl’s presence across the South. Dating back to the 1800s, the Kentucky Owl brand fell prey to Prohibition, and was revived only in 2008 by Dixon Dedman—a descendant of founder Charles Mortimer Dedman—and California winemakers Mark and Sherri Carter. The move into Bourbon follows Stoli’s addition of the Kah Tequila brand just over a month ago.
•Moët & Chandon is releasing two limited-edition versions of its Rosé Imperial Champagne into national distribution. Rolling out to coincide with Valentine’s Day, the special-edition bubblies include a Moët & Chandon Rosé Imperial Emoji Bottle and Moët & Chandon Rosé Imperial Emoji Gift Box (both $49.99 each). Both offerings include a sheet of Valentine’s Day-inspired emoji stickers.
•Sonoma’s 3 Badge Beverage Corp. has extended its Bib & Tucker Bourbon brand with a new white whiskey. Double distilled in a column still and old-fashioned pot still, Bib & Tucker Small Batch White Whiskey ($40 a 750-ml.) is rested in ex-Bourbon barrels for 24 hours, resulting in added body and a light coloring. The new entry joins Bib & Tucker’s flagship Bourbon in the brand’s lineup. In addition to Bib & Tucker, 3 Badge Beverage’s Mixology spirits division also markets the Masterson’s whiskey, Bozal mezcal, Uncle Val’s Botanical gin, Pasote Tequila and Kirk & Sweeney rum brands.
•Ste. Michelle Wine Estates has promoted several members of its sales team. Robert Dakovich has been promoted to the role of national director, Southern Glazer’s Wine & Spirits, charged with managing Ste. Michelle’s business with the distributor nationally. Dakovich was previously division manager, western region. That appointment was effective January 1. Keith Gosda, currently senior director, eastern region, has been named vice president, midwest region, effective April 3. Gosda succeeds Tom Patinella, who’s retiring after 23 years with Ste. Michelle. Jon Wolf, currently the company’s division manager for Texas, Oklahoma, Louisiana and Mississippi, is being promoted to managing director, midwest region while also assuming responsibility for managing Ste. Michelle’s relationship with Republic National Distributing Company (RNDC) as national coordinator.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.