Excerpted from The Wall Street Journal article by Tripp Mickle.
Bacardi Ltd. on Monday said it has acquired the company behind the Angel’s Envy bourbon brand, giving the family-owned rum and spirits company its first American whiskey.
Financial terms of the deal weren’t disclosed. Bacardi was a minority investor in Angel’s Envy before the acquisition.
Angel’s Envy, which is owned by Angel’s Share Brands and Louisville Distilling Co., sold 45,000 nine-liter cases last year and is projected to sell 65,000 cases this year. The brand’s signature port-finished bourbon, priced at $46, is one of the fastest-growing premium bourbons.
The bourbon category has been red hot, with sales increasing 35% in the U.S. and 50% overseas over the past five years. Bacardi, which also makes Dewar’s Scotch and Grey Goose vodka, has missed out on the category’s growth because it didn’t own a bourbon or American whiskey brand.
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