The Pendleton Round-Up’s branded whisky has been sold to a Mexican liquor conglomerate for $205 million.
Becle, S.A.B. de C.B., the parent company of the Jose Cuervo line of tequilas, announced the purchase of the Pendleton Whisky brand from Hood River Distillers on Thursday.
According to a press release, Pendleton is just one of a growing number of brands under the Mexico-based company’s umbrella.
“The Pendleton Whisky brand will fill an important strategic position in our portfolio,” said Mark Teasdale, president and CEO of Proximo Spirits, the American subsidiary of Becle. “We expect to build on the remarkable success of Pendleton using our resources as a full-service, global spirits company.”
Round-Up Publicity Director Randy Thomas said the sale was a success story.
“It’s a very positive thing for the Round-Up,” he said.
Launched in 2003, Pendleton Whisky now sells the equivalent of 3 million liters per year. According to a Round-Up financial statement, the rodeo made $1.7 million in revenue from Pendleton Whisky royalties in 2016.
“The existing brand agreements are still in place,” Thomas said.
Besides being a ubiquitous presence at the rodeo, Pendleton Whisky also plays a prominent role as title sponsor of the Round-Up Grounds’ second largest event. Doug Corey, the co-organizer of Pendleton Whisky Music Fest, said he didn’t know how Becle’s acquisition would effect the event, although organizers are still planning to stage a concert in July.
Hood River Distillers will continue to bottle Pendleton on behalf of Proximo.
“We are very pleased with how the Pendleton Whisky brand has grown over the past 15 years,” Hood River Distillers CEO Ronald Dodge said in a statement. “This is a tremendous opportunity for the brand. Proximo has the resources, the market reach and the commitment to turn our dreams for the Pendleton brand into reality.”
The companies expect the deal to close during the first quarter of 2018, subject to regulatory approval and closing conditions.