Cuervo IPO Reportedly Slated For Third Quarter

Casa Cuervo, owned by the Beckmann family, is solidifying plans toward a third-quarter IPO valued between $500 million and $1 billion, Bloomberg reports. The Beckmanns are working with units of Morgan Stanley, JPMorgan Chase and Banco Santander on the offer, the report said, adding that the IPO will be mainly new equity capital, but might also include a component where existing owners could offload part of their stake. Bloomberg had initially reported in March that Cuervo was eyeing an IPO in the $750-million range. After years of lackluster results, Cuervo’s namesake brand has seen improving fortunes in the U.S. lately, rising 3% to 3.5 million cases in the U.S. last year, according to Impact Databank.

Tagged : Casa Cuervo, Jose Cuervo, spirits, Tequila

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