A family-owned company has become the joint global leader in the wine and spirits industry. Through its ?5.6 billion acquisition of Absolut vodka owner Vin & Spirit, Pernod Ricard, which is owned by the Ricard family, joined Diageo at the top of the drinks industry.
Absolut is the number one premium vodka in the world and the top selling premium spirits brand in the US. It is seen as a ?unique asset? to Pernod Ricard?s drinks portfolio, which includes Glenlivet, Malibu and Jacob?s Creek wine.
?The acquisition of V&S by Pernod Ricard is a fantastic opportunity,? said Patrick Ricard, CEO of Pernod Ricard. ?Absolut is an exceptional brand. Its integration within our portfolio of premium brands combined with the strength of our worldwide distribution network paves the way for outstanding growth prospects.?
Spirit giant Diageo, Pernod Ricard?s main rival, was also in the running for the brand but ended up entering a partnership with the founding Nolet family of Ketel One vodka back in February. To read an interview with the Nolet family, click here.