Diageo buys cold-brew coffee liqueur Mr Black
Mr Black, an Australian manufacturer of cold-brew coffee liqueur, has been acquired by Diageo for an undisclosed sum.
Mr. Black operates a coffee roastery in Sydney that uses the cold brew method to produce a coffee liqueur. In 2013, designer Tom Baker and distiller Philip Moore founded the company. Diageo was already a shareholder in the company.
Since its founding, Mr. Black has expanded its presence in the coffee liqueur market and is now sold in 22 countries. Despite its prominence in Australia and the United Kingdom, its largest market is the United States.
Tom Baker, co-founder of Mr. Black, stated, “Coffee is more than a beverage; it is a culture, ritual, obsession, aesthetic, experience, tradition, and community.” Mr. Black was created to embody this culture and encourage people to extend their love of coffee into evening drinks. Diageo understood our vision early on, and we are thrilled to be joining the Diageo family after several years of their support.
In 2015, Diageo acquired a minority stake in the group. The Mr. Black shares were acquired through Distill Ventures, an accelerator program backed by Diageo. While Diageo has not disclosed the acquisition’s value, it has stated that the transaction was funded with existing cash resources.
“We believe that Mr. Black is just starting out in the dynamic coffee liqueur market. This acquisition is consistent with Diageo’s strategy of acquiring high-growth brands in exciting categories, according to Claudia Schubert, president of US spirits for Diageo.
This week, Diageo announced that it will not renew its membership in the Distilled Spirits Council of the United States, citing a review of its memberships in industry organizations as the reason for its departure.
Read more • just-drinks.com
Source: Coffee Talk