Bacardi Limited, the largest privately held international spirits company in the world, announced the completion of a transaction that makes the family-owned company the sole owner of ILEGAL Mezcal, a leading super premium artisanal mezcal.
The transaction follows a successful relationship in which Bacardi partnered with ILEGAL since 2015, a statement said.
The super premium plus mezcal category is growing at a fast pace and is expected to grow at a CAGR of 16% over the next five years according to IWSR. Between now and 2027, the agave category – which includes both mezcal and tequila – is expected to be the sixth largest category globally, and it recently overtook American Whiskey to become the second largest category (by value) in the U.S. At 86% of global market share, the United States dominates the super premium mezcal category. (Source: 2022 IWSR), according to the statement.
“We believe that ILEGAL has the credentials to own and lead the super premium mezcal category at a global level. ILEGAL perfectly complements our portfolio and bringing it into our business sets the brand up for even greater growth as mezcal captivates more and more consumers,” says Barry Kabalkin, Vice Chairman of Bacardi Limited.
“Bacardi and ILEGAL have a shared commitment to communities, quality, and environmental sustainability that we will build upon together as we look to invest for the long term. As a family-owned business for seven generations, we are always building for the future to maintain the legacy that is Bacardi,” says Mahesh Madhavan, Bacardi Limited Chief Executive Officer.
“We are excited about the next stage of the journey,” says John Rexer. “Success for ILEGAL goes beyond seeing more of our bottles on shelves; it’s about building our business the right way. We will always be committed to artisanal production, the Oaxacan community, and our core values. Being a part of Bacardi will bring ILEGAL to a larger audience while maintaining our commitment to sustainability and growing the business responsibly.”
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.