Pernod Ricard has purchased the remaining shares of South African distiller Inverroche, marking the arrival of the group’s “first wholly-owned African spirit brand”.
The acquisition of the unowned shares was concluded on 6 February, according to a Pernod Ricard spokesperson. The spirits giant initially purchased a majority stake in the South African distillery back in 2019.
“Africa is a market with great potential for Pernod Ricard,” said Africa MD Sola Oke. “Our investment in Inverroche demonstrates the continued commitment of our group to Africa, and our belief in the continent’s potential as a significant white space opportunity in the world for the ‘premium-plus spirits & champagne’ segment.”
Based in the country’s Cape Floral region and 330km east of Cape Town, Inverroche is was founded in 2011 by Lorna Scott and is known for using fynbos, an indigenous vegetation, in its gin. The company produces three expressions under its namesake brand – Gin Classic, Gin Verdant, Gin Amber – which have an SRP domestically of ZAR429 (US$23.23) per 70cl bottle. Its portfolio also includes a rum and a limited-edition gin release.
Scott is expected to remain with the business following completion of the transaction, according to Pernod Ricard.
Last week, Pernod Ricard was linked to a sale of its Mumm champagne brand for a price of around US$600m. The speculation came at the end of a trying week for the brand owner, which had to bring forward its half-year results announcement to last Thursday (6 February), due to its downward revision of short-term guidance.
Group sales in the six months to the end of December were down by 4% on the year-prior, with the forecast for the full year of fiscal 2025 (to the end of June) shifting from an expected return to top-line growth to a “low single-digit decline”.
