Ryan Reynolds sells Aviation Gin company for $610 million
Ryan Reynolds is about to become millions of dollars richer after selling his Aviation American Gin company.
ET has learned that Diageo, the world’s largest spirits maker, has reached an agreement to acquire the American style gin company the actor co-owned, through the acquisition of Aviation Gin LLC and Davos Brands LLC for an estimated $610 million based on sales over a 10-year period. A press release states that Reynolds will retain an ongoing ownership interest in the company.
"A little over two years ago, I became an owner of Aviation Gin because I love the taste of Aviation more than any other spirit," Reynolds, 43, shared in a statement. "What I didn’t expect was the sheer creative joy learning a new industry would bring. Growing the brand with my company, Maximum Effort Marketing, has been among the most fulfilling projects I’ve ever been involved with."
"I want to thank Diageo for their incredible team and passion," he added. "We're so excited for the next chapter of Aviation Gin, which, I promise, will require just as little reading."
Ivan Menezes, Chief Executive of Diageo, also released a statement, which read, "We are delighted to announce this transaction, which supports our participation in the super premium gin segment in the United States. The acquisition of Aviation American Gin and the Davos Brands portfolio is in line with our strategy to acquire high growth brands with attractive margins that support premiumisation. We are confident that Aviation American Gin will continue to shape and drive the growth of super premium gin in North America and we are looking forward to working with Ryan Reynolds and the Davos Brands team to accelerate future growth."
Back in 2017, Diageo paid $1 billion to acquire the Casamigos tequila brand, which was co-founded by George Clooney and Rande Gerber. The company also teamed up with P. Diddy in 2007 to sell Ciroc vodka, and is the maker of popular spirits like Johnnie Walker whiskey and Smirnoff vodka.
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