Billionaire Patrón founder buys Waterloo gin
Dive Brief:
- John Paul DeJoria, the billionaire founder of Patrón Tequila, is purchasing Waterloo Gin for an undisclosed amount.
- Waterloo, the first gin brand to be distilled in Texas, fuses fruits and botanicals in its flagship No. 9 Gin. It also sells Antique Gin aged for two years in white oak barrels to achieve a woody flavor.
- Many wealthy business executives have succeeded in the alcohol market by acquiring existing brands, including the Bronfman family and LVMH CEO Bernard Arnault.
Dive Insight:
The purchase of Waterloo will enable the gin brand to grow with the backing of a rich industry veteran who has excelled in taking brands from obscurity into prominence.
“Waterloo is an extraordinarily high-quality, innovative and world-class spirit, a gin I’m certain that people will enjoy,” DeJoria said in a statement. “I’m very honored for the opportunity to help grow this incredible brand, and share Waterloo Gin with more bartenders, retailers, and consumers all across the country.”
While Waterloo’s production process and liquid will not change, it will undergo a brand refresh and expand its national distribution footprint early next year, according to the press release. It is currently sold in select retail locations in Texas and Florida, as well as on its website.
Waterloo, which was founded in 2009, will be led by Justin Meigs. He previously served as a sales executive at Empress Gin, a popular craft offering made with elderflower, giving Waterloo a CEO with beneficial experience in the spirits space.
DeJoria started Patrón in 1989. The tequila brand was purchased by alcohol giant Bacardi for $5.1 billion in 2018. DeJoria also founded hair care brand Paul Mitchell.
Commonly associated with Europe, gin is growing in prominence in the U.S. Consumers are seeking out premium and “escapist” spirits, led by popular brands like Bombay Sapphire, Hendrick’s and Brockmans.
In 2023, premium gin saw faster growth than whiskey, vodka and rum, according to Nielsen data cited by The Spirits Business.