Cuervo To Acquire Pendleton Whiskies For $205 MillionDecember 14, 2017
Casa Cuervo is bolstering its position in the whisky category with a deal to acquire the Pendleton whisky brands from Oregon-based Hood River Distillers in a deal worth $205 million. The transaction is expected to close in the first quarter of 2018.
Pendleton, sourced from Canada, sells about 250,000 cases total across its portfolio. In addition to the core brand ($25), the franchise includes extensions like Pendleton Midnight and 1910 Rye, which are growing from a small base, and combine for about 22,000 cases. Last year, the brand extended further with a 20-year-old offering, Director’s Reserve ($125). Hood River will continue to bottle the Pendleton portfolio.
“The Pendleton Whisky brand will fill an important strategic position in our portfolio, as we add a fast-growing, super premium whisky to complement our broad selection of international spirits,” said Mark Teasdale, president and CEO of Cuervo’s U.S. subsidiary Proximo Spirits. “Following the successful acquisitions of Bushmills Irish Whiskey and Stranahan’s Rocky Mountain Single Malt Whiskey, and the rapid growth of Tincup American Whiskey, we view Pendleton as the next step in developing our world-class portfolio of whiskies.”—Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.