PARIS--(BUSINESS WIRE)--Regulatory News:
Press Release – Paris, 21 March 2023
Pernod Ricard USA (Paris:RI) announced today the signing of an agreement for the acquisition of a majority stake in Skrewball, the world’s first super-premium peanut butter flavored American whiskey.
Founded in 2018, by Steven and Brittany Yeng, Skrewball was the first peanut butter flavored whiskey that offers a smooth, nutty taste. The winning combination has since been established as a consumer favorite in the flavored whiskey category, with the brand surpassing the symbolic milestone of half-a-million nine-liter cases sold in 2022.
The partnership adds a complementary brand to Pernod Ricard’s comprehensive portfolio of iconic spirits and wine brands and a perfect opportunity to continue building on its longstanding consumer centric and premiumization strategy. It comes on the back of the successful launch of Jameson Orange into the flavored whiskey category last year.
Flavored whiskeys appeal to a wide range of consumers, going beyond traditional whiskey lovers. It remains one of the fastest growing spirits categories in the US, representing a quarter of the overall whiskey sales in the world-leading market. While Skrewball tastes great when consumed straight or on the rocks, it also shines in premium craft cocktails and has quickly become a favorite with bartenders and mixologists across the US.
“Skrewball has proven its uniqueness and success with a large audience, so we are delighted to have this brand as part of our portfolio” says Ann Mukherjee, Chairman and CEO of Pernod Ricard North America. “With a product that brings an iconic American flavor to the spirits world, Steven and Brittany have found a true point of difference in the category. We are looking forward to unlocking the magic of this brand and a successful journey ahead.”
“It’s overwhelming to see how far we’ve come with a ‘screwball’ idea and a dream,” declare Steven and Brittany Yeng. “We are very excited to see what the future holds for this brand under Pernod Ricard. The engine behind the company – its strategy, global reach and brand building expertise – will greatly support in taking the brand to new heights and we are excited to see it soar.”
Debevoise & Plimpton LLP acted as legal advisor to Pernod Ricard. Perella Weinberg Partners acted as financial advisor to Skrewball and the founders and Latham & Watkins LLP acted as their legal advisor.
About Pernod Ricard
Pernod Ricard is the No.2 worldwide producer of wines and spirits with consolidated sales amounting to €10,701 million in fiscal year FY22. The Group, which owns 17 of the Top 100 Spirits Brands, holds one of the most prestigious and comprehensive portfolios in the industry with over 240 premium brands distributed across more than 160 markets. Pernod Ricard’s portfolio includes Absolut Vodka, Ricard pastis, Ballantine’s, Chivas Regal, Royal Salute, and The Glenlivet Scotch whiskies, Jameson Irish whiskey, Martell cognac, Havana Club rum, Beefeater gin, Malibu liqueur or Mumm and Perrier-Jouët champagnes. The Group’s mission is to unlock the magic of human connections by bringing “Good Times from a Good Place”, in line with its Sustainability and Responsibility roadmap. Pernod Ricard’s decentralized organization empowers its 19,480 employees to be on-the-ground ambassadors of its purposeful and inclusive culture of conviviality, bringing people together in meaningful, sustainable and responsible ways to create value over the long term. Executing its strategic plan, Transform & Accelerate, Pernod Ricard now relies on its “Conviviality Platform”, a new growth model based on data and artificial intelligence to meet the ever-changing demand of consumers.
Pernod Ricard is listed on Euronext (Ticker: RI; ISIN Code:FR0000120693) and is part of the CAC 40 and Eurostoxx 50 indices.
About Skrewball Whiskey
Skrewball Whiskey was founded by Steven Yeng, a Cambodian refugee, and his wife Brittany, a former chemist who became a lawyer. Steven discovered his love of peanut butter shortly after arriving in the United States. Later, he began to integrate the quintessential, American nut butter into a top-selling cocktail at a bustling downtown Ocean Beach (San Diego) bar he ran. Seeing the popularity, Brittany would take Steven’s bestselling shot and help turn it into a shelf-stable whiskey with her chemistry background. Skrewball Peanut Butter Whiskey has won several awards, including the Best Flavored Whiskey award at the New York World Wine and Spirits Competition. The brand rapidly expanded in the US, Canada, and the Caribbean.
For more information, visit www.skrewballwhiskey.com.