In the first half of 2023, the beverage alcohol industry experienced a significant upswing in mergers and acquisitions. This surge in activity demonstrated the industry’s dynamic nature and the continuous pursuit of growth opportunities. Both strategic and smaller buyers played a crucial role in driving this uptick of deals.

The spirits category emerged as the frontrunner in terms of mergers and acquisitions, accounting for 19 out of the total 44 publicly announced deals, highlighting the enduring popularity and growth potential of spirits within the beverage alcohol industry.

The wine sector also experienced a substantial number of acquisitions in the first half of 2023, with a total of 11 notable deals compared to eight in H1 2022. This trend underscores the industry’s recognition of wine as a lucrative investment and a segment with ample growth opportunities.

In a notable shift, this report includes acquisitions in the non-alcoholic segment, which emerged as an area of focus. Four significant deals occurred during this period, signaling the increasing importance and potential of non-alcoholic beverages within the beverage alcohol industry.

While not as active as spirits and wine, the beer category also witnessed ten notable acquisitions. Two of these deals stood out, Funky Buddha and Appalachian Mountain Brewery, as founders regained full control of their original brands from major players, showcasing the entrepreneurial spirit and brand loyalty within the beer industry.



Notable Beverage Alcohol Deals in H1 2023

Spirits Category Dominates with 19 Transactions

  • Diageo Acquired Don Papa Rum
  • Pronghorn Made First Round Angel Investments in Tequila with Friends, Den of Thieves, and Ego Tequila
  • Bacardi Took Control of remaining Jay Z’s D’Ussé Cognac
  • Entertainment Arts Research Entered Tequila Through its Perfectomundo Purchase
  • Pronghorn Announced More Angel Investments in Anteel Tequila, Common Ground Spirits, Delta Dirt Distillery, and Old Hillside Bourbon Company
  • Shaw-Ross Acquired TYKU Sake From Diageo
  • Pernod Ricard Acquired Skrewball Peanut-Butter Flavored Whiskey
  • Edrington Took Control of Wyoming Whiskey
  • Beam Suntory Acquired a Stake in Jennifer Lopez’s Delola
  • Paul Hletko and Dave Schmier Acquired Goza Tequila
  • E&J Gallo Added 9% RTD Brand Fishers Island Lemonade
  • MGP Ingredients Acquired Penelope Bourbon
  • Coca-Cola HBC Acquired Finlandia Vodka From Brown-Forman for $220 Million
  • The Naked Market Acquired and Relaunched Low-Alc Beverage Haus

Wine Sector Witnesses a Surge in Deals

  • The Wine Group Acquired Acre Paicines Vineyards
  • Rombauer Vineyards Announced Sonoma Vineyard Acquisition
  • Eisele Vineyard Purchased Alfred Frediani Vineyard for $18.5 Million
  • Napa’s Silver Oak Acquired Crazy Creek Vineyard
  • DuMOL Acquired Dr. Galante Estate Vineyard
  • Moët Hennessy Invested in Rosé Wine Specialist Château Minuty
  • The Wonderful Company Added Vintage Wine Estates Vineyard for $11 Million
  • Cakebread Cellars Announces Acquisition of Ahmann Vineyard Property
  • E&J Gallo Winery Added Bev to its Portfolio
  • E&J Gallo Winery Purchased Hahn Family Wines
  • Constellation Brands Acquired Luxury Napa Brand Domaine Curry

Noteworthy Deals in the Beer Category

  • Full Circle Brewing and Speakeasy Ales & Lagers Announced a Merger
  • Drake’s Brewing to Acquire Bear Republic Assets
  • Stoup Brewing Acquired Optimism Brewing
  • Motocross Athlete Carey Hart Acquired House Beer
  • 8th Wonder Brewery Acquired by Texas Cannabis Company Bayou City Hemp
  • DuClaw Brewing Acquired by New Jersey Microbrewery River Horse Brewing
  • FX Matt Acquired Flying Dog Brewery
  • Dokkaebier Acquires Oakland’s Federation Brewing
  • Anheuser-Busch InBev Sold Appalachian Mountain Brewery Back to its Original Owners
  • Founders Reclaimed Control of Funky Buddha from Constellation Brands

Non-Alcoholic Segment Gains Momentum

  • Lucas Bols Added Fluère Alcohol-Free Spirit to its Portfolio for $1.07 Million
  • Pronghorn Made an Investment in Hella Cocktail Co
  • Stoli Group Made No & Low Investment Through The Pathfinder Hemp & Root
  • Constellation Brands Acquired a Minority Stake in TÖST

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More Resources on Mergers & Acquisitions

Our Guide to Beverage Alcohol M&A From 2021-2022

H1 Beverage Alcohol M&A  Roundup for 2022

The Roundup of M&A Alcohol Deals in 2021

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