Corona brewer Constellation Brands has announced that it has acquired a minority stake in the Los Angeles-based mezcal brand El Silencio.
The collaboration will enable the spirit maker to invest in infrastructure and growth of it its handcrafted artisanal mezcal products Ensamble and Espadín.
'A Love Story'
CEO and co-founder of El Silencio, Fausto Zapata, said, "Constellation’s trailblazing vision, pioneering practices, genuine passion for craft spirits, and appreciation for creativity made this more of a love story than a business transaction.
"Connecting with the Constellation team the way in which we did was the real driver in this collaboration as we realised that both companies are made from the same DNA."
The investment was made through Constellation’s venture capital group that identifies and invests in premium emerging brands.
The move reinforces its strategy to stay ahead of evolving consumer trends.
In the last few years, the mezcal market in the US has grown exponentially and is expected to continue to increase in the future.
According to the IWSR, from 2017 to 2018 the mezcal category grew by 32.4%, representing the largest percentage gain across all spirits categories.
“Mezcal is one of the hottest trends in spirits right now, and we couldn’t be more excited to make our first ventures investment in the mezcal category with a brand as successful as El Silencio,” said Constellation’s President and chief executive, Bill Newlands.
Financial details of the transaction have not been disclosed.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.