News Briefs for February 8, 2017February 8, 2017
•Jose Cuervo is expected to issue pricing for its initial public offering on the Mexican Stock Exchange later today, with the company intending to raise more than $700 million from investors. Cuervo’s current owners, the Beckmann family, will retain control following the offer, which will float a 13% share in the company. Cuervo, which has annual sales above $1 billion, appears poised to meet its target, with Singapore-based investor Temasek already agreeing to purchase 20% of shares prior to pricing. The recent softening of the Mexican peso has eased fears that a potential border tax in the U.S. could drive up the cost of Mexican products such as Tequila, which continues to thrive in the U.S. market. Jose Cuervo subsidiary Proximo Spirits handles the group’s namesake brand in the U.S., as well as Three Olives vodka, Bushmills Irish whiskey, Boodles gin, Hangar 1 vodka, Stranahan’s whiskey and Virginia Black whiskey among other brands.
•Scotland’s Isle of Arran Distillers has signed a new five-year U.S. distribution deal with New York-based Castle Brands. Under the agreement, Castle Brands will handle Isle of Arran’s The Arran Malt single malt Scotch, as well as the Robert Burns brand of single malt and blended Scotches throughout the U.S. Isle of Arran joins Castle Brands’ existing premium whisk(e)y lineup, which includes the Jefferson’s Bourbon, Clontarf Irish whiskey and Knappogue Castle Irish whiskey brands.
•The Hooters restaurant chain will test a new fast-casual concept later this month when it opens Hoots, a 75-seat location in the Chicago suburb of Cicero, Illinois. Customers will order at a counter and be seated and served by both male and female waitstaff. The center of the space will feature a full-service bar with seating for 12 and a full selection of spirits, wine and beer.
•Southern Glazer’s Wine & Spirits has named Scott Moore senior vice president, national accounts, off-premise, effective April 1. Moore, a 25-year industry veteran, was most recently vice president and general manager, U.S. chains, on/off-premise and military at Pernod Ricard. He will report directly to Shawn Thurman, Southern Glazer’s executive vice president, national accounts.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.