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Add-on Acquisition • Beverages

Diageo Acquires Lone River Ranch Water

On March 8, 2021, Diageo acquired beverage company Lone River Ranch Water

Acquisition Context
  • This is Diageo’s 16th transaction in the Beverages sector.
  • This is Diageo’s 7th transaction in the United States.
  • This is Diageo’s 1st transaction in Texas.

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M&A Deal Summary
Date March 8, 2021
Target Lone River Ranch Water
Sector Beverages
Buyer(s) Diageo
Deal Type Add-on Acquisition

Target Company

Lone River Ranch Water

Midland, Texas, United States
Lone River Ranch Water is a provider of spirits. Ranch Water hard seltzer is rooted in tradition and taste from the high desert of Far West Texas. At 80 calories and 4% ABV per can, Lone River Ranch Water brings an easy-drinking twist to Texas’ classic cocktail. Lone River products, including Original, Spicy, Rio Red Grapefruit hard seltzer, are sold across Texas, Tennessee, Arizona, Alabama, and the Florida panhandle in over 5,000 retail doors such as Kroger, Albertson’s, Whole Foods Market, H-E-B, Costco, 7-Eleven, Food City, Total Wine & More, Specs, as well as independent stores. Lone River is also available via delivery platforms Drizly and Minibar. Lone River Ranch Water was founded in 2019 and is based in Midland, Texas.
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Buyer Overview 1

Buyer

Diageo

London, United Kingdom
Category Company
Founded 1886
Sector Beverages
Employees30,092
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 16 of 19
Sector: Beverages 16 of 17
Type: Add-on Acquisition 12 of 15
State: Texas 1 of 1
Country: United States 7 of 9
Year: 2021 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-26 Chase Distillery

Hereford, United Kingdom

Chase Distillery Ltd. is an operator of Chase GB Gin and Chase Original Potato Vodka. Chase Distillery portfolio includes seven gins, four vodkas, and an elderflower liqueur. In addition to Chase GB Gin, a smooth, full-bodied gin, perfectly balanced with juniper, spice, and citrus, Chase has created a number of flavored gins including Pink Grapefruit & Pomelo, Seville Marmalade, and Rhubarb & Bramley Apple Gin, which are leading gin innovations that are fresh, zesty and tangy in taste. The portfolio also includes Williams Elegant 48 Gin, made using 48 rare varieties of apple from 200-year old orchards. Chase Distillery was founded in 2008 and is based in Hereford, United Kingdom.

Buy -
FOLLOWING 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.

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