According to Park Street University’s annual analysis, the beverage alcohol industry completed 51 major acquisitions in 2025, a modest decline from 55 in 2024, reflecting a fundamental shift toward strategic discipline and portfolio streamlining. Spirits maintained dominance with 24 deals, followed by beer with 14 and wine with 13, as major players like Diageo, Pernod Ricard, and Campari accelerated divestitures of non-core assets, creating opportunities for independent entrepreneurs and other smaller buyers. The year’s mergers & acquisitions activity showcased an industry recalibrating for challenging macroeconomic conditions while positioning for long-term relevance with younger consumers, as evidenced by marquee transactions targeting high-velocity categories with proven demographic appeal.
Here are some key highlights from the report:
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- AB InBev’s $490 million majority stake in BeatBox Beverages, Tito’s Vodka’s first-ever acquisition of Lalo Tequila, and Gallo’s purchase of Whiny Baby demonstrated a clear mandate to acquire brands with proven consumer traction that organically connect with Gen Z demographics.
- Major players continued portfolio optimization through strategic divestitures, with Diageo selling multiple whiskey brands and production facilities, Pernod Ricard offloading Mumm Napa, and Campari divesting Averna and Zedda Piras to focus on core strengths.
- The year marked a pivot from collection-style portfolio building to streamlined, focused acquisitions, with deal volume declining but strategic intent sharpening around high-velocity RTD categories, premium segments, and brands resonating with younger, health-conscious consumers.
Notable Beverage Alcohol Deals in 2025
Spirits Category Deals
- Pernod Ricard Acquired Full Ownership of South African Gin Inverroche
- Diageo Took Majority Ownership of Lobos 1707 in Exchange for the Brand Rights of Cîroc Vodka in North America
- Loch Lomond Group Expanded Into American Whiskey With the Acquisition of the New York Distilling Company
- Diageo Took Control of Indian Gin, Rum Distiller Näo Spirits
- Tito’s Vodka Made Its First-Ever Acquisition of Lalo Tequila
Wine Category Deals
- The Wine Group Acquired Several Wine Brands From Constellation Brands
- Vinovate Acquired the Radiant Sparkling Wine Company
- Campari Group Agreed to Sell Cinzano Vermouth to Caffo Group 1915
- AB InBev Acquired a $490 Million Majority Stake in BeatBox
- Trinchero Acquired Mumm Napa From Pernod Ricard
Beer Category Deals
- Diageo Sold Its Guinness Ghana Stake to Castel Group
- MNG Brands Expanded Its Wellness Portfolio With the Acquisition of Wellbeing Brewing
- Mahou San Miguel Acquired the Remaining Stake of Founders Brewing
- Cape Cod Beer Was Acquired by Triton Beverage Group
- Wilding Brands Acquired Denver’s Station 26 Brewing