Duckhorn, Svedka, Horizon Lead Drinks Industry’s Biggest Deals Of 2024

Headlined by Duckhorn’s nearly $2 billion acquisition by private equity group Butterfly, 2024 has seen a number of significant mergers and acquisitions across the supplier and distributor tiers. They included big buys like Southern Glazer’s purchase of Horizon Beverage in New England and Sazerac’s moves for Svedka and Buzzballz, as well as a bevy of smaller deals transpiring around the business.

After going public in 2021, the Duckhorn Portfolio agreed to be acquired by Los Angeles-based private equity firm Butterfly for $1.95 billion this fall, with the deal officially closing in recent days. According to Impact Databank, Duckhorn is the 20th-largest wine marketer in the U.S. by volume at approximately 2.6 million cases. Since the acquisition, the company has performed well, with fiscal 2025 first-quarter sales up 20% to $123 million, driven by the addition of Sonoma-Cutrer.

For Sazerac, 2024 was a big year for acquisitions, as it acquired both Buzzballz and Svedka. Buzzballz—valued at up to $1 billion—includes both wine- and spirits-based cocktails, with total volume of 2.75 million cases. Buzzballz Cocktails, Chillers, and Biggies all earned Impact “Hot Brand” honors this year. Svedka, the 12th-largest spirits brand in the U.S. last year, has volume of 3.7 million cases. In control states through October 2024, Svedka is down 4.8%, though it remains the fourth-largest vodka in the U.S., according to Impact Databank.

In the distribution tier, Southern Glazer’s acquisition of New England’s Horizon Beverage was the biggest move of 2024. Horizon’s 2024 revenue is projected at $850 million, making it the 10th-largest distributor in the U.S. The buy brought Southern into the Massachusetts and Rhode Island markets, extending its footprint to 46 states and Washington D.C., plus Canada and the Caribbean. The only states in which it does not operate are Georgia, Wisconsin, Connecticut, and New Jersey. Southern Glazer’s 2024 revenue is projected to be $26 billion, according to Shanken’s Impact Newsletter.

There were also a number of smaller moves throughout the industry:

Martignetti Companies closed its acquisition of Massachusetts beer distributor Quality Beverage in January. Also, RNDC acquired Idaho Wine Merchant. RNDC’s 2024 revenue is projected to be $12.2 billion, while Martignetti’s is expected to come in at $1.7 billion.

In September, William Grant & Sons purchased the Famous Grouse and Naked Malt Scotch whisky blends from Edrington for an undisclosed amount. According to Impact Databank, the Famous Grouse is the eighth-largest blended Scotch brand globally at 2.78 million cases, including about 112,000 cases in the U.S. It joins the Grant’s brand—with global volume of 4.38 million cases—in William Grant’s blended stable. Blended malt label Naked Malt has global volume of 53,000 cases.

In the non-alc space, Diageo acquired Ritual Zero Proof in September for an undisclosed sum. Ritual’s portfolio covers Tequila, rum, whiskey, aperitif, and gin alternatives, which each retail around $30 a bottle. Also, Diageo gained full control of the DeLeón Tequila brand earlier in the year.

In September, Patrón founder John Paul DeJoria purchased Austin, Texas-based Waterloo Gin from Treaty Oak Distilling for an undisclosed sum. The acquisition was separate from DeJoria’s investment in Round 2 Spirits, the company led by Patrón veterans that this year launched the new Weber Ranch vodka brand.

Meanwhile, Gallo took equity stakes in spirits brands Condesa gin, Barrilito rum, and Derrumbes mezcal, as well as a strategic stake in beer player Montucky Cold Snacks.

In wine, O’Neill Vintners & Distillers made two moves, first purchasing Sonoma’s Ram’s Gate Winery and creating a luxury division at O’Neill, and following that by purchasing the Substance brand from Charles Smith.

In July, Pernod Ricard offloaded its 10-million-case global wine business, including Jacob’s Creek, Campo Viejo, Brancott, and others, to Australian Wine Holdco, a consortium of institutional investors that owns Australian wine player Accolade Wines. Terms weren’t disclosed.

In the fallout from the collapse of Vintage Wine Estates, Foley Family Wine & Spirits acquired Bar Dog and other labels for $15 million, while Jayson Adair of Texas-based Copart salvage yards and Adair Wines paid $85 million for Clos Pegase, Girard, B.R. Cohn, and others.

In October, The Boisset Collection acquired French sparkling wine Le Grand Courtage for an undisclosed sum. Le Grand Courtage, handled by Opici Wines & Spirits in the U.S., reached 50,000 cases stateside in the past few years before receding some.

Constellation, in addition to its sale of Svedka, boosted its wine portfolio with the May purchase of Sea Smoke, an iconic Pinot Noir and Chardonnay estate vineyard in Santa Barbara County’s Sta. Rita Hills, from founder Bob Davids.

In March, Patz & Hall co-founder James Hall and a small group of investors purchased the winery back eight years after it was sold to Ste. Michelle Wine Estates. In a similar move in August, James MacPhail bought back his namesake brand from Hess Persson 13 years after selling it. The same month, Hundred Acre’s Jayson Woodbridge purchased Napa’s Kelly Fleming Winery.

Also in August, Seattle, Washington’s Ackley Brands acquired Charles Smith Wines from The Wine Group. Financial terms weren’t disclosed. The acquired brands—including Kung Fu Girl, Eve, The Velvet Devil, Band of Roses, Boom Boom!, and Chateau Smith—total 160,000 cases. Earlier in the year, Ackley also acquired Washington’s Columbia and Hogue wineries from Gallo.

In June, four years after acquiring a minority stake, Domaine Faiveley purchased a majority share of Williams Selyem, the Sonoma-based winery founded by Burt Williams and Ed Selyem in 1979. The sale included the brand, inventory, winery, and more than 135 acres of vineyards in Sonoma’s Russian River Valley. Annual production is around 30,000 cases.

And over the summer, Marchesi Antinori purchased sole ownership of Col Solare, buying out its former partner Ste. Michelle.

Finally, in a tale of the megadeal that wasn’t, the proposed $25 billion tie-up between supermarket giants Kroger and Albertsons collapsed this month, after state and federal judges ruled it would reduce competition. In the aftermath, Albertsons sued Kroger, asserting it failed to take necessary measures to see the deal through.

Tagged : BuzzBallz, duckhorn, Horizon Beverage, Sazerac, Southern Glazer's, Svedka

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