The Nolet family, owner of the successful super-premium Ketel One brand and Diageo, the world's leading premium drinks company, have agreed to form a new 50/50 company, which will own the exclusive global rights to sell, market and distribute Ketel One vodka. Diageo has agreed to pay $900 million for its 50% equity interest in the newly-formed company, which will be based in the Netherlands.
The Nolet family will continue to own 100% of the Ketel One brand and the Nolet distillery in Schiedam in Holland where they have been distilling since 1691 and where it will continue to manufacture Ketel One vodka. The distillery will supply Ketel One vodka exclusively to the new company at an agreed rate of return. Diageo will become the exclusive distributor of the Ketel One brand globally.
Commenting on the transaction, Carl Nolet Sr, said: "We are proud to be partners with Diageo and look forward to working together with this team of highly talented people. The partnership between Nolet and Diageo will combine our brand building and entrepreneurial skills with the unrivalled brand management, marketing and distribution expertise of Diageo to fully develop the potential of Ketel One vodka in the USA and globally."