Jose Cuervo owner Becle has locked in a $150 million loan to acquire the remaining stake in the company behind Conor McGregor’s Proper No Twelve Irish whiskey.
Mexico-based Becle’s acquisition of the remaining stake in Eire Born Spirits (EBS), producer of Proper No Twelve, is expected to close in the second half of 2021.
Subject to certain regulatory and customary closing conditions. The deal will be funded with a combination of a credit facility loan of US$150m and good old-fashioned cash.
Terms of the deal are confidential, said Becle, and the company expects to make a further announcement when the acquisition is completed.
On 24 April 2020, the Tequila maker completed its purchase of an additional 29% stake in EBS, taking its ownership in the company up to 49%.
EBS owns and markets the Proper No Twelve blended Irish whiskey brand, which is made at Becle’s Old Bushmills Distillery in Northern Ireland.
Professional fighter McGregor first launched Proper No. Twelve in Ireland and the US in September 2018. Since launch the drink has expanded its availability to Australia, Canada and the UK.
The Mexican drinks firm said it is dedicated to upholding a ‘strong balance sheet with financial flexibility to achieve its long-term growth strategy’.
Becle holds MXN10.753m Mexican pesos (US$519,000) in cash and cash equivalents as of the end of 2020.
In January, Proper No Twelve launched a limited edition bottle hoodie which comes with a purchase of the spirit. The Proper Hoodie – Green, a mini article of clothing designed specifically for the Whiskey, fits over the thick green glass bottle adding a touch of fun to the notorious bottling.
Proper No Twelve Irish Whiskey is made from a blend of sweet Irish grain spirit and single malt Irish Whiskey. It is produced at the oldest distillery in Ireland in an area known for its rich soil and pure spring water. It matures in ex-Bourbon barrels, which help deliver flavors of vanilla, honey, and toasted wood.
For more invormation, check out the Proper No Twelve official website.