Diageo sells Windsor business to South Korean private equity group
Diageo has agreed the sale of its Windsor business to the private equity group Bayside Private Equity and Metis Private Equity consortium.
The KRW 200 billion (approximately £124 million) deal, which will include the W series, will additionally see Diageo supply Scotch whisky to Bayside/Metis under a 10-year supply agreement.
Diageo’s president of Asia Pacific and global travel, Sam Fischer, said: “This transaction marks the next chapter for Diageo Korea. We remain fully committed to the market and further developing our international spirits and beer business, which is being driven by premiumisation and consumer interest in categories like 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 are grateful to our Diageo Korea employees for all 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.”
Bayside Private Equity for Bayside/Metis CEO, Bum Jun Kim, added: “Windsor is an important addition to our investment portfolio and allows us to participate in the dynamic Korean beverage alcohol market. We are confident that we can build on the innovation of Windsor and unlock further potential. We will work closely with Diageo to ensure a smooth transition over the next few months.”