Pernod Ricard said it agreed to acquire a majority shareholding of Código 1530 Tequila, a range of Ultra-Premium and Prestige tequila. This new investment into the fast-growing agave category, mainly driven by the U.S. market, complements the Group’s very comprehensive portfolio across price points and occasions, the company said.  Terms weren't disclosed.

Código is already available within 50 states across the US and is at the early stage of its international development with a presence in over 30 markets. Peernod said its distribution expertise in top-shelf brands would accelerate its global development and reach new consumers.

Founded in 2016 by Ron Snyder, Federico Vaughan and George Strait, the story of Código 1530 tequila, produced in the Mexican state of Jalisco, is based on the transmission of an ancestral tequila recipe following Los Códigos, “the codes” in English. Código tequila has positioned itself within a very competitive category, thanks to the unique quality proposition of its range of Ultra-Premium (Blanco, Rosa and Reposado) and Prestige products (Añejo, Barrel Strength Añejo and Origen Extra Añejo).

“Código’s range of exquisite tequilas reinforces our offer of Ultra Premium+ agave products in the US, where the category is enjoying a very strong momentum," said Alexandre Ricard, chairman/CEO. It is a privilege to partner with Ron Snyder, Federico Vaughan and George Strait with whom we share a common vision for Código 1530 and common ambition to strongly accelerate and strengthen the success of the brand”.

Ann Mukherjee, CEO of Pernod Ricard USA,  said: “We are incredibly excited to welcome Código 1530 into our portfolio, enhancing our agave products offer especially in its upper segment where consumers and connoisseurs are eager to discover brands that combine strong roots with the most exclusive quality. Thanks to our newly enhanced portfolio, we have never been more confident to lead the growth of the spirits’ industry within the U.S. market.”

"To gain the backing of Pernod Ricard is a powerful alliance, and a logical progression that will benefit consumers with an expanded reach through our collaborative growth,." said Snyder. " We look forward to working closely with Alex, Ann and the Pernod Ricard team as we build our brand globally.”

Perella Weinberg Partners acted as financial advisor to Pernod Ricard and Debevoise & Plimpton LLP acted as its legal advisor. Rothschild & Co acted as financial advisor to Código and Perkins Coie LLP acted as its legal advisor.