Brown-Forman gulps down tequila maker
The New York Times – 08/28/2006
Brown-Forman said Monday it has agreed to buy the assets of Mexican tequila bottler Grupo Industrial Herradura for $876 million.
The Kentucky-based distiller of Jack Daniel's and Southern Comfort will acquire the Herradura and El Jimador tequila brands, as well as a ready-to-drink tequila-based beverage, tequila production facilities and a sales and distribution organization in Mexico. A previous report said that Brown-Forman faced competition from Bacardi and France's Pernod Ricard for Herradura, which has sought a buyer since April.
Lehman Brothers acted as financial adviser to Brown-Forman, while Wachtell Lipton Rosen & Katz and Creel Garcia-Cuellar y Muggenburg provided legal counsel. Merrill Lynch acted as financial adviser for Casa Herradura, and Juan Jaime Petersen Farah, Eduardo Fernandez Agraz, and Michel Dyens & Company acted as advisers to the board.