Private equity group Lion Capital has acquired Russian Alcohol, the largest producer and distributor of vodka in Russia, from Industrial Investors in a deal worth $600m (£303m).

Russian Alcohol, which makes Green Mark and Zhuravli vodkas, employs 3,500 people across five production facilities and is forecast to generate sales of more than $500m (£253m) this year.

“We believe there is a compelling opportunity to capitalise on the Russian consumer trend towards premium spirits products and to further accelerate the company's strong financial performance,” said Javier Ferrán, partner of Lion Capital.