Polestar, led by Partner Richard Hall, successfully advised on the acquisition of Irish whiskey distillery, Bushmills, by Mexican-based Tequila producer, Casa Cuervo from international drinks conglomerate, Diageo in a deal worth c.$708m.
Based in County Antrim, Northern Ireland, Bushmills, is one of the oldest licenced distilleries in the world and can trace its roots back to 1608. As well as being a thriving and historic distillery, it is also one of the most popular tourist destinations in Northern Ireland, attracting c.120,000 visitors each year. The Company employed 100 staff, producing sales of c.800,000 cases per annum and annual turnover of c. £69m.
The transaction was structured such that Casa Cuervo simultaneously disposed of its 50% stake in Tequila brand, Don Julio, terminated early its production and distribution rights for Smirnoff Vodka throughout Mexico, acquired the Bushmills Distillery and received cash of $408m.
Polestar, through its international partners in Mexico, provided advice to Casa Cuervo on the acquisition of Bushmills as part of the overall transaction.
Richard Hall said:
“We were delighted to work with Casa Cuervo in finalising this exciting acquisition of the historic distillery and iconic drinks brand.”
“This deal illustrates the strength of our international network, the quality of our international partners, and is a great example of how cross-border M&A teams can work together for the benefit of our clients.”
