News Briefs for March 30, 2023
March 30, 2023•Silicon Valley Bank’s assets and liabilities have been bought by First Citizens Bank & Trust, a North Carolina–based bank that has been quietly growing over the last decade, now one of the 20 largest banks in the United States. The deal includes SVB’s wine division, which has been providing financial advice and services to West Coast wineries in recent decades. More than 400 wineries are SVB clients, and the bank currently holds almost $1.2 billion in loans to wine clients. Wine Spectator has the full story.
•Beam Suntory has announced On The Rocks Midori Sour, the latest addition to the bottled, ready-to-serve cocktail brand. The 20% abv cocktail is made with its namesake melon-flavored liqueur, vodka, and lemon and lime flavors. The new release comes in both 200- and 375-ml. bottles in select markets for a limited time beginning in April. Last year, On the Rocks was up 37% to 570,000 cases in the U.S., earning Impact “Hot Brand” honors.
•Luxco, the branded arm of MGP Ingredients, has aligned with RNDC nationally. The expanded partnership between the two companies will cover 39 U.S. markets effective April 1. The Luxco range includes American whiskey brands like Yellowstone, Remus, Ezra Brooks, Rebel, Rossville Union, Blood Oath Bourbon, and Minor Case; The Quiet Man Irish Whiskey; El Mayor, Dos Primos, Exotico, and Juarez Tequilas; Arrow Cordials, St Brendan’s Irish Cream, and Everclear.
•Chicago-based cocktail mixer brand Zing Zang has expanded its partnership with Southern Glazer’s Wine & Spirits. The expanded partnership will give SGWS national distribution rights for Zing Zang, building on the companies’ previous partnership, which was focused on the central and western U.S. The deal covers both Zing Zang’s mixers and the recently launched canned cocktail line which includes Bloody Mary, Blazing Bloody Mary, Margarita, Mango Margarita, and Bourbon Whiskey Sour. The new partnership takes effect on April 1. Zing Zang’s RTDs grew 48% to 131,000 cases in the U.S. last year, according to Impact Databank.
Correction: In yesterday’s issue it was incorrectly stated that Heaven Hill-owned Elijah Craig was named the official Bourbon of the PGA Tour. In fact, the partnership is between Elijah Craig and the PGA of America, not the PGA Tour.
Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.Tagged : Beam Suntory, First Citizens Bank & Trust, Luxco, On the Rocks, RNDC, Silicon Valley Bank, Southern Glazer's, Wine Spectator, Zing Zang
