"We started this business more than a quarter century ago with a singular mission - to create an ultra-premium, luxury Tequila", said DeJoria. The partnership between the two brands is nothing new, with Bacardi owning roughly 25% of Patron since 2008.
Bacardi is close to striking a deal to acquire a majority stake in Patron Spirits International, sources tell The Wall Street Journal. Cazadores and Corzo are already owned by Bacardi, while George Clooney's Tequila company Casamigos was sold to drinks giant Diageo in a deal worth $1bn (£720m) a year ago. The super-premium tequila jumped over 700% from 2002 to 2016, according to the #Distilled Spirits Council.
Since 2012, tequilas that price more than $40 a bottle ha increased by 800,000 cases with Patron producing 70 percent of those sales, the report said.More news: Leicester to launch bid for West Brom defender, other clubs may follow
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The acquisition deal will also make Bacardi the top company spirits player in the super-premium segment in the US and the second largest spirits company in market share by value in the USA, according to the latest data from IWSR, a London-based authority on the drink trade. Last year, Diageo Plc spent $1 billion to buy George Clooney's start-up Casmigos. Patron will join its tequila stable that also includes Cazadores and Corzo.
Bacardi was founded in Cuba in 1862 with a focus on rum making. Patron's founder - John Paul DeJoria - will remain as the brand's ambassador. Omnicom's BBDO Worldwide handels global creative for most of Bacardi's brands, which include its namesake rum as well as Grey Goose vodka, while OMD has media duties across the Bacardi portfolio. According to Frank Coleman the senior vice president of the Distilled Spirits Council, "Adult consumers are very interested in high-end super-premium tequilas for sipping as much as cocktails".