International spirits conglomerate Diageo announced today that it has acquired non-alcoholic distilled spirits maker Seedlip. The liquor company had been an investor in the brand through its venture capital arm, Distill Ventures.
Financial terms of the deal were not disclosed.
Created in the United Kingdom in 2015 by Ben Branson, Seedlip is currently available in over 25 countries. The drink — which comes in two expressions, both made from distilled herbs and botanicals — is positioned primarily as a premium alcohol alternative at high-end bars and restaurants.
“We want to change the way the world drinks and today’s news is another big step forward to achieving this,” Branson said in a press release. “Distill Ventures’ and Diageo’s shared belief in our vision has enabled us to build a business that’s ready for scale and I’m excited to continue working with Diageo to lead this movement.”
Diageo acquired a 20% stake in Seedlip through Distill Ventures, an independent drinks accelerator in which Diageo is the sole investor.
Branson is set to continue as a director.
John Kennedy, president of Europe, Turkey and India at Diageo, called the Seedlip “a game-changing brand in one of the most exciting categories in our industry.”
Seedlip marks the second acquisition of a Distill Ventures brand by Diageo this year, following the purchase of vermouth brand Balsazar in March.