Pernod Ricard has acquired the remaining shares of South African gin distiller Inverroche for an undisclosed sum.
The French spirits group initially acquired a majority stake in Inverroche in 2019.
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Sola Oke, the MD of Pernod Ricard’s business in Africa, described the continent as “a significant white-space opportunity in the world for the premium-plus spirits and Champagne segment”.
Established in 2011 by Lorna Scott, Inverroche is based in the Cape Floral region towards the east of Cape Town.
It uses indigenous ‘fynbos’, or fine bush, in its gins, which are sold in 25 international markets, including the US.
Inverroche gins are manufactured at Pernod Ricard’s Stilbaai Distillery in South Africa.
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By GlobalDataIt is expected Scott will remain with the business.
Pernod Ricard does not provide specific sales figures for its business in Africa. During the company’s 2023/24 financial year, which closed on 30 June, it said it saw “very strong results” from its combined Africa and Middle East business unit. The group pointed to an “outstanding performance of Chivas and Nigeria”.
Last week, Pernod Ricard reported its figures for the first half of its 2024/25 fiscal year. The company’s sole mention of Africa centred on South Africa, where it said it saw “slight growth and share gains, amidst difficult macro economic conditions”.
Alongside the publication of the first-half results, Pernod Ricard also cut its forecast for its annual organic net sales.
The Jameson whiskey maker is now expecting its annual net sales to fall on an organic basis. It had forecast its full-year organic net sales would return to growth.
On Friday, it emerged Pernod Ricard is weighing up the idea of offloading Champagne brand Mumm.
The group and its advisers are running the rule over a possible disposal, Just Drinks understands.
A source familiar with the matter said the deliberations centre only on the Mumm brand and do not include Perrier-Jouët, another Champagne label in the Pernod Ricard portfolio.
Earlier today, Reuters first reported the company is working with investment bank Rothschild & Co. on exploring the move.
