New spirits group Magellan & Cheers buys Spanish vermouth Perucchi
Magellan & Cheers, led by former CEO of Marie Brizard Wine & Spirits Jean-Noël Reynaud, has made its first purchase with the acquisition of Spanish vermouth brand Perucchi.
Magellan & Cheers has made its goal to acquire locally-produced, high quality products clear with its first acquisition. Perucchi, a vermouth made in Badalona, has more than 150 years of history.
Jean-Noël Reynaud, who is heading up the French spirits group, has spent the last 30 years working for international companies including Remy Cointreau, Coca-Cola and Lactalis, and was formerly CEO of Marie Brizard Wine & Spirits until 2018.
The French investor hailed Perucchi’s “artisanal, sustainable and local values” despite its growth over the years, and called the vermouth brand “one of the great jewels of the spirits market”.
He added: “The same boilers and ageing vats that were installed at the beginning, today continue to mature the vermouth. Now is the time to give the brand wings so that, without changing its DNA, it can reach a much broader market.”
Magellan & Cheers plans to grow distribution of the vermouth brand, beginning with expansion into international markets like the US and Italy, Food Magazine has reported. Reynaud also plans to get listings in high-end supermarkets, specialised wholesalers and specific e-commerce. A third prong to the company’s growth strategy will see Perucchi develop as a brand in the cocktail sector.
News of Perucchi’s purchase is the most recent in a long line of spirits acquisitions. Earlier this month, Diageo announced the purchase of the super-premium, Texas-based whiskey producer Balcones Distilling for an undisclosed sum. Campari also recently bought a 70% stake in US whiskey brand Wilderness Trail Distillery to bolster its Bourbon offering. Read more on that here.