Alcohol giant Diageo announced Monday that Portland-based Aviation American Gin, which is co-owned by actor Ryan Reynolds, has acquired in a deal worth up to $ 610 million.
Diageo, one of the largest spirits and beer producers in the world, will pay $ 335 million in advance and up to $ 275 million more based on Aviation Gin’s performance over the next 10 years to acquire the company. Through the deal, Diageo will also take over Davos Brands, the majority owner of Aviation Gin, and the other spirits brands from the company.
Reynolds, who frequently appears in premium craft gin ads, will retain a Aviation Gin diaper, according to Diageo.
Aviation gin was developed in Portland by House Spirits founder Christian Krogstad and bartender Ryan Magarian in 2006. Davos Brands bought the company in 2016 and Reynolds became a co-owner of the company in 2018. The gin has continued to be distilled in Portland through the property changes.
– Jamie Goldberg | [email protected] | @jamiebgoldberg
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