Add-on Acquisition • Beverages

Diageo Acquires 21Seeds

On March 31, 2022, Diageo acquired beverage company 21Seeds

Acquisition Context

This is Diageo’s 17th transaction in the Beverages sector.
This is Diageo’s 8th transaction in the United States.
This is Diageo’s 4th transaction in California.

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M&A Deal Summary
Date	March 31, 2022
Target	21Seeds
Sector	Beverages
Buyer(s)	Diageo
Deal Type	Add-on Acquisition

Target Company

21Seeds

San Francisco, California, United States

21Seeds is a flavored tequila infused with the juice of real fruits. The brand has successfully tapped into a variety of consumer trends such as flavored tequila, simple at-home cocktails, and an interest in quality premium spirits. And with an ABV of 35%, each variant can be mixed into easy-to-make, spritz-style cocktails such as the brand’s signature serve, the ‘Seed and Soda’. 21Seeds was formed in 2019 and is based in San Francisco, California.

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Buyer Overview 1

Buyer

Diageo

London, United Kingdom

Category	Company
Founded	1886
Sector	Beverages
Employees	30,092
Revenue	20.3B GBP (2024)

DESCRIPTION

Diageo is a global producer of beverages. The Company offers a collection of beverage alcohol brands across spirits, beer and wine. Diageo was founded in 1886 and is based in London, England.

Deal Context for Buyer	#
Overall	18 of 19
Sector: Beverages	17 of 17
Type: Add-on Acquisition	14 of 15
State: California	4 of 4
Country: United States	8 of 9
Year: 2022	1 of 2

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2021-08-10	Mezcal Unión Oaxaca, Mexico Mezcal Unión is a developer of a social collective model based to united agave farmers and producers generating social and economic development. Mezcal Unión was founded in 2011 and is based in Oaxaca, Mexico.	Buy	-

DATE

TARGET

DEAL TYPE

VALUE

2021-08-10

Mezcal Unión

Oaxaca, Mexico

Mezcal Unión is a developer of a social collective model based to united agave farmers and producers generating social and economic development. Mezcal Unión was founded in 2011 and is based in Oaxaca, Mexico.

Buy

FOLLOWING DEAL

DATE	TARGET	DEAL TYPE	VALUE
2022-05-10	Picon France Picon is a traditional, market-leading French bittersweet aperitif with a unique orange flavour. Made from a base of herbs and fresh oranges which are dried, it is currently available in two versions: Amer Picon Club, an orange-based liqueur with a bittersweet flavour to be mixed with wine and cocktails, and Amer Picon Bière, to be mixed with beer. Picon was formed in 1837 and is based in France.	Sell	€119M

DATE

TARGET

DEAL TYPE

VALUE

2022-05-10

Picon

France

Picon is a traditional, market-leading French bittersweet aperitif with a unique orange flavour. Made from a base of herbs and fresh oranges which are dried, it is currently available in two versions: Amer Picon Club, an orange-based liqueur with a bittersweet flavour to be mixed with wine and cocktails, and Amer Picon Bière, to be mixed with beer. Picon was formed in 1837 and is based in France.

Sell

€119M

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