Diageo India (United Spirits Limited), has announced it will take a majority controlling stake in NAO Spirits at an Enterprise Value of ₹130 crore or $5.2 million. This will result in NAO Spirits becoming a subsidiary of the company.
Launched in 2017 by Anand Virmani, Nao Spirits is renowned for its ’Greater Than’ and ’Hapusa’ gins.
Strengthening the portfolio
Praveen Someshwar, MD and CEO, Diageo India (USL), said: “Ventures, Diageo India’s investment arm is dedicated to strengthening our portfolio by investing in disruptive alco-bev start-ups. This allows us to offer consumers a wider array of products that resonate with evolving preferences. The acquisition of NAO Spirits, a promising portfolio company within our Ventures arm, represents a pivotal step in exploring future growth opportunities in Indian craft spirits. We believe it is the right time to scale up NAO Spirits using Diageo’s expertise, unlocking new avenues for distribution and production. We are excited to welcome Anand into the Diageo family as he continues to lead the NAO Spirits business.”
In 2022, USL had invested ₹31.5 crores to acquire a minority stake in Nao Spirits & Beverages.
Anand Virmani, Co-Founder & CEO, Nao Spirits & Beverages commented, “We are excited to be a part of the Diageo India (USL) family. As India’s first craft spirits brand, born in a small Goan distillery, this acquisition by Diageo India (USL) is a powerful validation of what we’ve always believed that India can create great craft spirits. The investment will help us scale further with the support of Diageo India’s seasoned leadership, distribution network and production capabilities combined with our unconventional mindset and ability to stay deeply relatable to the evolving consumer. Our DNA remains unchanged, and we’ll continue to be the pathbreakers. To every beverage innovator out there: it is possible and let’s keep building a stronger community for craft.”
USL’s shares closed at ₹1,462.00, up by 0.014% per cent on Thursday.