Drinks giant Diageo are to buy a gin brand Aviation, which is co-owned by Hollywood actor Ryan Reynolds in a deal that is up to £466m.
The Deadpool actor, Reynolds who has co-owned the Aviation American Gin have agreed to the acquisition.
Diageo who own Tanquery will acquire Aviation Gin and its majority owner Davos Brands, who also own three other spirit brands, for an initial payment of £271m, and with up to an additional £210m depending on the brand’s performance.
Reynolds will retain a stake in the Aviation Gin brand, as part of the acquisition by Diageo, which will also see Davos’ other brands Astral Tequila, Sombra Mezcal and Tyku Sake acquired.
Ivan Menezes, chief executive of Diageo said, “We are delighted to announce this transaction, which supports our participation in the super premium gin segment in the United States.
“The acquisition of Aviation American Gin and the Davos Brands portfolio is in line with our strategy to acquire high-growth brands with attractive margins that support premiumisation.
“We are confident that Aviation American Gin will continue to shape and drive the growth of super premium gin in North America and we are looking forward to working with Ryan Reynolds and the Davos Brands team to accelerate future growth.”
Reynolds said, “A little over two years ago, I became an owner of Aviation Gin because I love the taste of Aviation more than any other spirit.
“What I didn’t expect was the sheer creative joy learning a new industry would bring.
“Growing the brand with my company, Maximum Effort Marketing, has been among the most fulfilling projects I’ve ever been involved with.”