Diageo India's acquisitions of a significant share in NAO Spirits have been the focus of action by Touchstone Partners and AMP Legal.
Diageo India Expands Portfolio with Acquisition of NAO Spirits
United Spirits Limited (Diageo India) has made a significant move in the Indian spirits market by acquiring a majority stake in NAO Spirits, an emerging craft spirits company known for its award-winning brands. The transaction, which involved a secondary purchase from the existing shareholders of NAO, will see Diageo India's equity increase from 30% to approximately 97.07%, with a final tranche pending that will bring ownership to 100%.
NAO Spirits, based in Bangalore, is renowned for its innovative craft gin brands, notably Greater Than and Hapusa. These brands have gained a strong following in the Indian market and beyond, earning numerous accolades for their quality and taste.
While the details of the advisors involved in the acquisition are not disclosed in the available information, it is known that Touchstone Partners provided advisory services to Diageo India. Vaishnavi Sankar, who did not support the selling shareholders in the transaction, led the transaction team from Touchstone Partners, with Yashasvi Mohanram providing support. AMP Legal advised NAO Spirits and the selling shareholders on the transaction, with Achint Jain and Aayushi Jain serving as associates on the transaction team.
The acquisition is a strategic move for Diageo India, as it aims to strengthen its position in the fast-growing craft spirits segment. The deal, valued at approximately ₹130 crore, is expected to close soon, further solidifying Diageo India's presence in the Indian spirits market.
Sources:
[1] Business Standard - Diageo India to acquire majority stake in NAO Spirits [2] Economic Times - Diageo India acquires majority stake in NAO Spirits [3] LiveMint - Diageo India to acquire majority stake in NAO Spirits [4] Financial Express - Diageo India to acquire majority stake in NAO Spirits [5] Moneycontrol - Diageo India to acquire majority stake in NAO Spirits
Summary:
- Diageo India, a subsidiary of United Spirits Limited, has acquired a majority controlling stake in NAO Spirits, an emerging Indian craft spirits company.
- The transaction, which involved a secondary purchase from the existing shareholders of NAO, will see Diageo India's equity increase from 30% to approximately 97.07%, with a final tranche pending that will bring ownership to 100%.
- The deal, valued at approximately ₹130 crore, is expected to close soon.
- NAO Spirits is known for its craft gin brands, notably Greater Than and Hapusa.
- Touchstone Partners advised Diageo India on this transaction, with Vaishnavi Sankar and Yashasvi Mohanram leading the transaction team.
- AMP Legal advised NAO Spirits and the selling shareholders on the transaction.
- The exact details of the advisors involved in the transaction are not disclosed in the available information.
The acquisition of NAO Spirits by Diageo India, a significant player in the business sector, is a strategic move aimed at reinforcing its position in the fast-growing finance segment of craft spirits. This deal, valued at approximately ₹130 crore, underscores Diageo India's commitment to expanding its portfolio in the Indian business market, particularly with regard to NAO Spirits' award-winning gin brands like Greater Than and Hapusa.
