Diageo has finally managed to offload the Windsor Scotch whisky business in Korea, 19 months after having found a buyer.
A new deal has been secured – and completed – for Windsor Global to head to PT W Co, a local company “sponsored” by “alternative investment firm” Pine Tree Investment & Management Co. The divestment follows last September’s announcement that the sale to Bayside Private Equity and Metis Private Equity, which was confirmed in March last year, had fallen through.
In Diageo’s statement from early 2022, the price was set at KRW200bn [then-US$163.7m], but when contacted by Global Drinks Intel, a company spokesperson said: “The value of this deal has not been disclosed at the buyer’s discretion.”
Today’s announcement was backed once again by confirmation of Diageo’s ongoing commitment to the Korean market, Windsor’s largest. “Our position in the market remains strong as premiumisation trends persist and consumer interest in categories like international whisky continues to grow,” said Asia Pacific, Global Travel & India president John O’Keeffe.
Positioned as a “premium” expression, Windsor is a blended Scotch “containing an exclusive selection of fine grain whiskies and precious malt whiskies, including malt whisky from [Windsor brand home] the Royal Lochnagar distillery”, according to Diageo.
In results for the 12 months to the end of June, the group’s Johnnie Walker blended Scotch flagship delivered a 15% year-on-year rise in sales. The brand contributed to Diageo’s +6.5% top-line performance from fiscal 2023.
