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Billionaire Patrón founder buys gin brand
John Paul DeJoria, the billionaire founder of Patrón Tequila, has announced the purchase of Texan spirits brand Waterloo Gin.
The 80-year-old Tequila entrepreneur, whose net worth currently sits at US$3 billion, has entered the gin category via his latest purchase.
DeJoria, who also co-founded hair care company John Paul Mitchell Systems, acquired a stake in Patrón in 1989 alongside partner Martin Crowley. The duo sold the brand to Bacardí in 2018 in a deal worth US$5.1bn.
He has now announced the purchase of Waterloo Gin, a brand distilled in Texas, the state in which he lives.
The brand’s flagship Waterloo No. 9 Gin is distilled with nine local botanicals including lavender, grapefruit, and pecan. The Waterloo portfolio has one other expression, Waterloo Antique Gin, which spends two years in first-use medium char American white oak barrels.
DeJoria said of the purchase: “I’m very honoured for the opportunity to help grow this incredible brand, and share Waterloo Gin with more bartenders, retailers, and consumers all across the country.”
The company will be led by CEO Justin Meigs, who was previously an original member of the Empress Gin executive team.
Daniel Barnes, the founder of Waterloo Gin from Treaty Oak Distilling in Dripping Springs, Texas, said of the acquisition: “I’m incredibly excited about this new chapter for the Waterloo brand, now in the capable hands of John Paul DeJoria and his talented team of spirits industry veterans.”
He continued: “Their deep industry experience and passion for cultivating and growing brands gives me great confidence that Waterloo Gin will continue to flourish and reach new consumers everywhere.”
The company has announced that following the acquisition the brand packaging and imagery will undergo a “comprehensive refresh”. Plans following the sale also include expanding national distribution from early next year.
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