Diageo has purchased Far West Spirits, owner of the Lone River Ranch Water brand of hard seltzer RTDs.
Lone River was founded in 2019 by native Texan Katie Beal Brown. Brown will retain a minority interest and continue to lead the business on a day-to-day basis as CEO of the brand. She will work with Diageo North America leadership.
Lone River takes inspiration from the classic Texan “Ranch Water” cocktail. The Far West Spirits portfolio consists of three offerings:
Original: The Original Ranch Water hard seltzer flavored with organic blue agave nectar and lime juiceSpicy: Ranch Water with a kick of the Texas state pepper, jalapeñoRio Red Grapefruit: Ranch Water with a squeeze of Rio Red Grapefruit juice, the Texas state fruit“We started Lone River with the dream of giving people a taste of Far West Texas,” says Brown. “We are so grateful for the diverse set of communities that have embraced our brand, extending far beyond our small place on the map. We found in Diageo a world-class partner who believes in our vision to bring the spirit of Far West Texas to as many as we can.”
The purchase expands Diageo’s position in the burgeoning ready to drink category, which has exploded in sales during the pandemic.
“We are excited to bring this vibrant young hard seltzer brand into our growing ready to drink portfolio,” says Diageo North America President Debra Crew. “Lone River captures the magic of Americans’ love for agave flavored beverages combined with their desire for light, convenient refreshment. This acquisition is very much in keeping with our strategy to acquire high growth brands in fast growing categories and we look forward to working with Katie and her team to drive Lone River’s continued momentum.”
The acquisition is funded through existing cash resources.The post Diageo Acquires Far West Spirits first appeared on Beverage Dynamics.
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Author: Kyle Swartz