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Spirit giant Diageo is to buy a gin brand co-owned by Hollywood actor Ryan Reynolds as part of a deal worth up to $610 million (\u20ac514 million).<\/p>\nSpirit giant Diageo is to buy a gin brand co-owned by Hollywood actor Ryan Reynolds as part of a deal worth up to $610 million (\u20ac514 million).<\/p>\n
The Tanqueray owner said it has agreed to acquire Aviation American Gin, which has been co-owned by the Deadpool actor since 2018.<\/p>\n
It said it will acquire Aviation Gin and its majority owner Davos Brands \u2013 which owns three other spirit brands \u2013 for an initial payment of $335 million, with up to $275 million depending on the gin brand\u2019s performance.<\/p>\n
Ryan Reynolds will retain a stake in the gin brand as part of the acquisition, it said.<\/p>\n
The move will also see Diageo acquire Davos\u2019 other brands \u2013 Astral Tequila, Sombra Mezcal and Tyku Sake.<\/p>\n
Aviation Gin reported 100 per cent growth in sales volumes in 2019 as demand for super-premium gin continues to surge in the US.<\/p>\n
Ivan Menezes, chief executive of Diageo, said: \u201cWe are delighted to announce this transaction, which supports our participation in the super premium gin segment in the United States.<\/p>\n
\u201cThe acquisition of Aviation American Gin and the Davos Brands portfolio is in line with our strategy to acquire high-growth brands with attractive margins that support premiumisation.<\/p>\n
\u201cWe are confident that Aviation American Gin will continue to shape and drive the growth of super premium gin in North America and we are looking forward to working with Ryan Reynolds and the Davos Brands team to accelerate future growth.\u201d<\/p>\n
Reynolds said: \u201cA little over two years ago, I became an owner of Aviation Gin because I love the taste of Aviation more than any other spirit.<\/p>\n
\u201cWhat I didn\u2019t expect was the sheer creative joy learning a new industry would bring.<\/p>\n
\u201cGrowing the brand with my company, Maximum Effort Marketing, has been among the most fulfilling projects I\u2019ve ever been involved with.\u201d<\/p>\n