Bacardi Limited announced Monday the completion of a transaction that makes the family-owned company the sole owner of Patrón Spirits International AG and its PATRÓN brand.
The transaction, initially announced in January, follows a “successful relationship the two companies have had since Bacardi’s initial acquisition of a 30% minority stake in Patrón Spirits in 2008,” said a company press release.
“We are delighted to welcome the team from Patrón into the Bacardi family,” said Mahesh Madhavan, CEO of Bacardi Limited. “We continue to be inspired by their passion, culture of caring, attention to detail, and unwavering commitment to quality.”
Patrón Spirits President and CEO Edward Brown added, “This is a momentous day for all of us at Patrón Spirits, and we are optimistic about the opportunities that lie ahead. Patrón has been a personal passion of mine for nearly 20 years, and I am thrilled to now be a part of the Bacardi family.”