Private U.S. distiller Sazerac has finalized its acquisition of Au Vodka, a Swansea-based vodka and ready-to-drink brand. The deal, which closed on September 14, was not officially priced, but a source familiar with the transaction told Reuters the value exceeded £300 million (approximately $405 million). That figure, however, remains unconfirmed by either party, with Sazerac's announcement only noting that customary closing conditions were met and terms would stay private.
Using Au Vodka's latest filed accounts—covering the year ended April 29, 2025—the reported price implies a multiple of at least 3.6 times sales. Au Vodka reported turnover of £82.79 million, up from £65.04 million the prior year, and profit before tax of £6.74 million. This calculation is a TS2 estimate, not a published Sazerac figure, and the deal structure (including debt, cash, earn-outs, and acquisition perimeter) remains undisclosed.
The acquisition underscores Sazerac's appetite for growth. Au Vodka's annual turnover jumped approximately 27% in its last fiscal period. The brand employs over 80 people, sells across the UK, and has expanding international distribution through retail, hospitality, and e-commerce. Its distinctive gold bottles and flavored ready-to-drink offerings complement Sazerac's existing portfolio, which includes Buffalo Trace, Fireball, BuzzBallz, Southern Comfort, and Svedka.
Corporate filings confirm the control change: Companies House shows two new directors appointed effective September 9, with co-founders Charles Morgan and Jackson Quinn stepping down the same day. The filings do not disclose the purchase price.
For public-market investors, the read-through is most relevant to Brown-Forman (NYSE: BF.B), the Jack Daniel's owner that Sazerac attempted to acquire earlier this year. Brown-Forman's board rejected the unsolicited proposal on July 26, and Reuters reported the offer at $32 per share, valuing the company at roughly $15 billion. Brown-Forman's Class B shares closed at $26.18 on September 15, a $5.82 discount to that reported offer, leaving takeover optionality in the stock.
The Au Vodka deal, however, is a different scale. Brown-Forman's fiscal first-quarter net sales were $911 million, down 1%, with strength in ready-to-drink products offsetting other pressures. Au Vodka is a faster-growing, privately held challenger, and its reported transaction value is a fraction of Sazerac's rejected bid for Brown-Forman.
For investors, the signal is clear: Sazerac continues to deploy capital in branded spirits, particularly in the ready-to-drink segment, but its pursuit of smaller targets does not indicate an imminent revised offer for Brown-Forman. The £300 million-plus price for Au Vodka provides a useful valuation benchmark only if the deal's undisclosed terms eventually support it.
