Booze giant Diageo has acquired a “significant majority” stake in Seedlip, ramping up its backing for the non-alcoholic spirits brand.
The deal – completed for an undisclosed amount – makes Seedlip the latest brand to receive major investment by Diageo as part of its strategy to acquire businesses complementing its offering.
The London-listed spirits giant first invested in Seedlip through its independently-run incubator scheme, Distill Ventures, in 2016.
Since then, Seedlip has grown to a presence in more than 25 countries, with its three variants stocked in over 7,500 bars, restaurants and retailers.
Seedlip will now move into Diageo’s Reserve portfolio, the brand’s luxury range, where it will join the likes of Ketel One, Ciroc, Tanqueray 10 and Don Julio.
It was “a game-changing brand in one of the most exciting categories in our industry”, said Diageo Europe, Turkey & India president John Kennedy.
He added Diageo was “thrilled” to work with Seedlip to boost its growth as “we believe [Seedlip] will be a global drinks giant of the future”.
The brand was launched in 2015 by Ben Branson, who will now remain with the business as a shareholder and director.
Branson said he was “excited to continue working with Diageo” as the support received from the business “has enabled us to build a business that’s ready for scale”.
“We want to change the way the world drinks and today’s news is another big step forward to achieving this,” he added.