Despite a slowdown in overall investment, the first half of 2024 saw several significant mergers and acquisitions in the beverage alcohol sector. Strategic buyers, and even several private buyers, capitalized on evolving consumer trends and market opportunities. A total of 34 noteworthy deals were recorded during this period.

Spirits led the pack with 22 deals, reflecting the category’s ongoing popularity and innovation. Wine followed with 7 deals, while the beer saw 5 transactions. This distribution highlights the spirits category’s continued dominance in M&A activity, particularly in areas such as premium tequila, craft whiskey, and ready-to-drink (RTD) offerings.

The first half of the year saw 7 deals in the booming RTD and canned cocktail segments, emphasizing premium offerings. As consumer preferences continue to evolve and the industry adapts to post-pandemic market conditions, future M&A activity in the beverage alcohol space will likely focus on innovative products, direct-to-consumer capabilities, and brands that resonate with younger consumers.

Drinks Industry M&A in H1 2024

Spirits Category Deals

  • Diageo Became the Sole Owner of DeLeón Tequila  
  • The Artisanal Spirits Company Acquired Single Cask Nation  
  • InvestBev Backed JuneShine with seven-figure Investment  
  • Next Century Spirits Took Stake in Vide RTD  
  • Heritage Distilling Co. Acquired Thinking Tree Spirits
  • CoreBev Expanded Portfolio with Strategic Acquisition of Continuum Distilling  
  • Distill Ventures Invested in Two Female-Owned Brands, Jackson McCrea Whiskey and Ume Plum Liqueur  
  • Illva Saronno Completed Full Acquisition of Engine Gin  
  • MG Destilerías Bought Coppa Cocktails  
  • BuzzBallz Acquired by Sazerac  
  • JuneShine Acquired Flying Embers in All-Stock Deal
  • Waterbird Spirits Acquired by Gallo  
  • E&J Gallo Backs Mexican Gin Brand Condesa  
  • Next Century Spirits Acquired Nue Vodka  
  • Corby Spirit and Wine Acquired RTD Brand Nude Beverages  
  • FX Matt Acquired ‘Merican Mule Canned Cocktails  
  • Pronghorn Expands into Japanese Whisky with Shinju  
  • Asahi Acquired Never Never Distilling Co in Australia  
  • Uncle Nearest Made Vodka Debut with Square One Organic Spirits Buy  
  • Pronghorn Made a NA Investment in Mocktail Club  
  • Newport Craft Distilling Acquired KEEL Vodka

Wine Category Deals

  • Patz & Hall Co-Founder James Hall Bought Winery Back From Ste. Michelle
  • Ste. Michelle Sold Conn Creek Wine Brand to Third Leaf Wines
  • Ackley Brands Acquired Columbia Winery and Hogue Cellars from E&J Gallo
  • Constellation Brands Acquired Renowned California Winery Sea Smoke
  • O’Neill Vintners & Distillers Acquired Ram’s Gate and Formed a Luxury Division
  • Marchesi Antinori Acquired Ste. Michelle Wine Estates’ Col Solare Stake
  • Burgundy’s Domaine Faiveley Bought Sonoma’s Williams Selyem

Beer Category Deals

  • Asahi Acquired Octopi Brewing 
  • Paskenta Band of Nomlaki Indians Acquired Mad River Brewery  
  • Owners of Jack’s Abby Purchased Wormtown Brewery  
  • Gallo Made Strategic Investment in Montucky Cold Snacks  
  • Chobani Yogurt Founder Bought Anchor Brewing Company


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