Beverage Dynamics Summer 2026 | Page 6

ON THE WEB

by KYLE SWARTZ

As the alcohol industry goes through a period of pullback and consolidation, Gallo announced today that it has finalized an agreement with Kirin Holdings to acquire Four Roses Bourbon. This brings one of America ' s most well-known bourbon brands back under U. S. family ownership for the first time in 83 years.

Four Roses, known for its ten bourbon recipes, is expected to strengthen Gallo ' s global presence in the premium spirits category and increase the company ' s footprint in Europe and Japan. As the brand joins Gallo ' s family the company says it is committed to continuity across liquid, production, traditions, and people. Four Roses ' existing team will remain in place, including Master Distiller Brent Elliott.

" Four Roses is one of the most respected bourbons in the world— defined by heritage and craftsmanship— and Kirin was instrumental in re-establishing the brand as a premium straight whiskey in the U. S.," says Britt West, Chief Commercial Officer of Gallo. " Gallo has more than five decades of expertise in spirits distillation, maturation, and brand building. We are committed to upholding Four Roses ' quality and building the brand as a cornerstone of our portfolio through increased consumer and trade engagement, innovation, and global expansion."

UBS Investment Bank acted as exclusive financial advisor to Kirin Holdings and Gallo was advised by Jefferies in connection with the transaction. Terms of the agreement were not disclosed.

" This is an incredibly exciting chapter for Four Roses and a meaningful milestone in our 138−year history," says Elliott, Four Roses Master Distiller. " From the beginning, Gallo demonstrated deep respect and appreciation for the brand. As we join the Gallo family, we are energized by the alignment in values and the long-term vision they bring. With their support, we ' re well positioned to build on our momentum while staying true to the quality and character that have guided us for generations."

Periods of pullback in an industry often lead to consolidation. As the business undergoes an economic transition, reports emerged that Pernod Ricard and Brown-Forman were in discussions regarding a potential merger. Both companies subsequently issued statements confirming the discussions.

" Following recent speculation in the press, Pernod Ricard confirms that it is in discussions regarding a potential business combination with Brown-Forman," the French-based global company said in a release. " If agreed and subject to customary approvals, this partnership would be akin to a merger of equals, drawing from the talent and expertise of both companies and creating value for shareholders of both companies."

" The contemplated combination would create a global spirits leader with enhanced scale, a powerful brand portfolio, and a balanced geographic footprint, all anchored by two iconic families," the Pernod Ricard release continued. " Operational synergies would be significant, leveraging Brown-Forman ' s iconic brands, including Jack Daniel ' s, and Pernod Ricard ' s global distribution strength and exposure to high-growth markets."

" There can be no assurance that any agreement will be reached. Pernod Ricard does not intend to further communicate until an agreement is reached or discussions are terminated."

Brown-Forman issued a similar statement: " We note the recent market rumors regarding a potential business combination involving Brown-Forman and Pernod Ricard. Brown-Forman regularly explores and evaluates strategic opportunities and can confirm it is engaged in discussions with Pernod Ricard.

If agreed and subject to customary approvals, this partnership would be akin to a merger of equals, drawing from the talent and expertise of both companies and creating value for shareholders.

Synergies from the contemplated combination are expected to be significant, creating a global spirits leader with enhanced scale, a powerful brand portfolio, and a balanced geographic footprint, all anchored by two iconic families. No agreement has been reached as to the terms of any possible transaction and there can be no assurance that any such agreement will be reached. Brown-Forman does not intend to comment further unless and until an agreement is reached."

Editor’ s Note: The companies have since called off the merger talks for now.

6 Beverage Dynamics • Summer 2026 www. beveragedynamics. com