Diageo to pay up to $ 610 million for Aviation Gin, the Portland distillery of movie star Ryan Reynolds

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Alcohol giant Diageo said on Monday it had purchased Portland-based Aviation American Gin, which is co-owned by actor Ryan Reynolds, in a deal worth up to $ 610 million.

Diageo, one of the world’s largest spirits and beer producers, will pay $ 335 million up front and up to $ 275 million more depending on how Aviation Gin performs over the next 10 years to acquire the company. Through the agreement, Diageo will also acquire Davos Brands, the majority owner of Aviation Gin, and the company’s other spirits brands.

Reynolds, who frequently appears in advertisements for premium craft gin, will retain a stake in Aviation Gin, according to Diageo.

Aviation gin was developed in Portland by House Spirits founder Christian Krogstad and bartender Ryan Magarian in 2006. Davos Brands bought the company in 2016 and Reynolds became part-owner of the company in 2018. The gin continued to be distilled. in Portland in the middle of the ownership changes.

– Jamie Goldberg | [email protected] | @jamiebgoldberg

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