Aviation American Gin, co-owned by “Deadpool” actor Ryan Reynolds, sold for $610 million on Monday to British beverage company Diageo.
Reynolds acquired his stake in Aviation back in 2018 and has overseen the company’s creative direction. As part of the deal he will retain an ownership stake in Aviation.
Diageo is acquiring Aviation through the acquisition of Aviation Gin LLC and Davos Brands LLC.
“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 said 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. We’re so excited for the next chapter of Aviation Gin, which, I promise, will require just as little reading.”
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The total amount of the deal is valued at as much as $610 million, which includes an initial payment of $335 million with further potential consideration of up to $275 million based on the performance of Aviation American Gin over a 10-year period.
In 2018 George Clooney sold his Casamigos tequila company to Diageo for $1 billion, which consisted of $700 million up front and a potential $300 million additional depending on the company’s 10-year performance.
Aviation American Gin, which co-owned by Reynolds and Davos Brands, is touted as the second largest brand in the super premium gin segment in the U.S.. In 2019, it grew volumes at over 100%, adding the highest number of cases and contributing 40% of super premium gin segment growth.
“Brands are an evolution, reflecting the vision and values of their founders, sculptors and stewards,” Davos Brands CEO Andrew T. Chrisomalis said in a statement. “Extraordinary partnership and teamwork brought us here, and with the continued creative genius of Ryan Reynolds, and this new, best in class global partnership with Diageo, the sky is truly the limit for Aviation American Gin and Davos Brands.”