WINDSOR WHISKY BUSINESS OFFLOADED BY DIAGEO TO PRIVATE EQUITY FOR £124 MILLION
Global beverage alcohol giant, Diageo, has agreed the sale of its Windsor whisky business to a private equity consortium for 200 billion Korean Won (approximately £124 million).
The South Korean-led consortium – consisting of Bayside Private Equity and Metis Private Equity – is likely to take control of Windsor in Diageo’s fiscal year 2023 (which starts 1 July, 2022). As part of the deal, Diageo will supply Scotch to Bayside/Metis under a 10-year supply agreement.
Bum Jun Kim, CEO of Bayside Private Equity said on behalf of the consortium: “Windsor is an important addition to our investment portfolio and allows us to participate in the dynamic Korean beverage alcohol market. We are confident that we can unlock further potential. We will work closely with Diageo to ensure a smooth transition over the next few months.”
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Sam Fischer, president of Asia Pacific and global travel for Diageo added in a statement: “This transaction marks the next chapter for Diageo Korea. We remain fully committed to the market and further developing our international spirits and beer business, which is being driven by premiumisation and consumer interest in categories like international whisky. This sale is in line with our track record of active portfolio management. We are grateful to our Diageo Korea employees for their dedication and support of the Windsor business.”
Launched in 1996, Windsor Whisky is a blended scotch containing a selection of grain and malt whiskies, including a malt from the Royal Lochnagar distillery – the brand home of Windsor. Today, South Korea is the top market for the blend.