Despite sustained high interest rates, the first half of 2025 demonstrated resilience in beverage alcohol mergers and acquisitions activity, with 31 significant transactions reshaping the industry landscape. Strategic consolidation accelerated as major players divested non-core assets while simultaneously pursuing targeted acquisitions in high-growth segments. The period was marked by aggressive portfolio optimization and strategic expansion.
As in 2024, spirits once again dominated the M&A landscape with 14 deals, underscoring the category’s continued appeal to both strategic and financial buyers. Wine recorded 7 transactions, while beer saw 10 deals, primarily driven by craft brewery consolidation.
The first half of 2025 was characterized by major portfolio reshuffling among industry giants, with Diageo alone completing four significant transactions, including strategic divestments and high-profile acquisitions. Meanwhile, emerging portfolios looked to bolster their market position by purchasing complementary assets. The period also saw increased activity in the wellness and functional beverage space, signaling industry adaptation to evolving consumer health consciousness.
As the industry navigates persistent macroeconomic headwinds, M&A activity in the beverage alcohol sector increasingly focuses on portfolio optimization, margin enhancement, and strategic positioning in premium and craft segments that demonstrate pricing power and consumer loyalty.
Drinks Industry M&A in H1 2025
Spirits Category Deals
- Diageo Sold Cacique Rum to La Martiniquaise
- Molson Coors Bought a Minority Stake in Fever-Tree Mixers
- Emperador Acquired Control of Los Danzantes
- Pernod Ricard Acquired Full Ownership of South African Gin Inverroche
- Constellation Brands Took a Minority Stake in Functional Drinks Maker Hiyo
- Pronghorn Invested in Mezcal Business Doce
- Next Century Spirits Acquired of Blue Chair Bay Rum
- No Sleep Beverage Invested in Madre Mezcal and Artet
- Infinium Spirits Acquired Howler Head Whiskey From Campari Group
- Diageo Took Majority Ownership of Lobos 1707 in Exchange for the Brand Rights of Cîroc Vodka in North America
- High Basin Brands Added Can-Tini RTD to its Stable
- Middle West Spirits Expanded Its National Footprint With the Acquisition of Old Elk
- 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
Wine Category Deals
- Llano Estacado Winery Acquired by New Investor Group
- Bronco Wine Co. Acquired the Assets of Wine Hooligans
- Stag’s Leap Wine Cellars Acquired Arcadia Vineyard
- The Wine Group Acquired Several Wine Brands From Constellation Brands
- Vinovate Acquired the Radiant Sparkling Wine Company
- Stoller Wine Group Acquired Elouan From Copper Cane
- Campari Group Agreed to Sell Cinzano Vermouth to Caffo Group 1915
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
- Entrepreneur Jason McConnell Bought Anderson Valley Brewing Company
- Great Divide Brewing Joined Wilding Brands in Colorado Craft Beer Acquisition
- Left Hand and Dry Dock Merged
- Fort Point Beer and Henhouse Merged in California
- Cape Cod’s Hog Island Beer Co. Acquired Mayflower Brewing
- Cape Cod Beer Was Acquired by Triton Beverage Group
- Wilding Brands Acquired Denver’s Station 26 Brewing