ANNOUNCING THE GLOBAL DRINKS INTEL ESG AWARDS 2023
Pernod Ricard has acquired an unspecified holding in circular packaging start-up Ecospirits.
The transaction, for a “minority share” in the five-year-old business, builds on a partnership between the pair that dates back to March last year. Three of Pernod Ricard’s brands utilised Ecospirits’ 4.5-litre reusable containers as part of a pilot in Hong Kong and Singapore’s on-premise channels.
Conducted through the brand owner’s Convivialité Ventures venture capital division, the purchase has come through a US$10m funding round that included Ecospirits’ existing investor, Wavemaker Partners, among others. When contacted by Global Drinks Intel, a spokesperson for the unit said they were “unable to confirm” the sum paid.
As well as highlighting Ecospirits’ intention to use the funding for expansion to “key markets worldwide”, including the US, Pernod Ricard also divulged that the tie-up between the two will move beyond Asia although, again, specific details were not disclosed.
Earlier this month, Pernod Ricard signed its first sustainability-linked loan for EUR2.1bn [US$2.3bn], which is linked to environmental commitments on reducing greenhouse gas emissions and water consumption at its production sites.
Drinks industry Environment, Social & Governance activations around the world in April ’23
