WASHINGTON—Covington advised Bacardi Limited in its definitive agreement to acquire Patrón Spirits International AG and its PATRÓN® brand, the world’s top-selling ultra-premium tequila, from John Paul DeJoria, a founder of Patrón. The transaction reflects an enterprise value for Patrón of $5.1 billion. The transaction follows the successful relationship the companies have had for nearly a decade since Bacardi’s initial acquisition of a significant minority stake in Patrón in 2008.
Bacardi, the largest privately held spirits company in the world, produces and markets internationally recognized spirits and wines. The Bacardi brand portfolio is comprised of more than 200 brands and labels, including BACARDÍ® rum, GREY GOOSE® vodka, DEWAR’S® Blended Scotch whisky, BOMBAY SAPPHIRE® gin, MARTINI® vermouth and sparkling wines, CAZADORES® 100% blue agave tequila, and other leading and emerging brands including WILLIAM LAWSON’S® Blended Scotch whisky, ERISTOFF® vodka, and ST-GERMAIN® elderflower liqueur.
The Covington team consisted of Douglas Gibson, Patrick Manchester, Joseph Gangitano, Drew Fischer, and Ramy Ramadan (corporate); Peter Zern, Alexander Clarke, and Christoph Schulz (corporate-financing); Adrian Perry and Oliver Bystricky (intellectual property); Daniel Luchsinger, Emin Toro, Ed McClellan, Lorraine Saxton, and Jon Endean (tax); Michael Francese, Erika Skougard, and Brady McDaniel (employment and benefits); Donald Ridings and Julia Brower (anticorruption and compliance); Heather Haberl and Nora Diamond-Jones (real estate); and Miranda Cole, James Dean, Michael Baker, and Jérôme de Ponsay (antitrust). Additional assistance was provided by Kurt Wimmer, Christopher Walter, and Kristof van Quathem (data privacy); Marialuisa Gallozzi (insurance); and Donald Elliott (environmental).
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