British spirits group Diageo has sold to a Korean consortium the Windsor whiskey brand along with its “W” series.
Windsor Blended Scotch is a whisky established in 1996. Belonging to the Diageo group, the latter sold the brand to the Bayside / Metis consortium for an amount of $163 million. The transaction is expected to be completed in fiscal year 2023.
The president of Diageo Asia Pacific and World Travel for Diageo said of the sale, “This transaction marks the next chapter for Diageo Korea. We remain fully committed to the market and to the development of our international spirits and beer business, which is being driven by premiumization and consumer interest in categories such as international whisky.”
“We take a disciplined approach to capital allocation and this sale is very much in line with our track record of active portfolio management.
“We thank our Diageo Korea employees for their dedication and support of the Windsor business and we will work with them, the union, our valued customers and partners and Bayside/Metis to ensure a smooth transition.”
Part of the deal includes Diageo supplying whisky to Bayside/Metis under agreement for 10 years.
For his part, Bayside CEO Bum Jun Kim said on behalf of Bayside/Metis: “Windsor is an important addition to our investment portfolio and allows us to participate in the dynamic Korean spirits market.
“We are confident that we can leverage Windsor’s innovation and unlock further potential. We will work closely with Diageo to ensure a smooth transition in the coming months.”
Don’t drink and drive. Enjoy responsibly.