News Notes: Pernod and Brown-Forman In Merger Talks, Waterford Finds a Buyer & More

Spirits giants Brown-Forman and Pernod Ricard are in talks about joining forces, which could see Brown-Forman brands like Jack Daniel's and Woodford Reserve combine with Pernod whiskeys, including Jameson, Redbreast, Rabbit Hole, and others. On a smaller scale, Ireland's Waterford Distillery has found a buyer. Meanwhile, the arrival of spring means that spirits companies are unveiling new sports partnerships to greet the season.

Pernod Ricard and Brown-Forman In Talks On a Merger

The global drinks industry could be primed for more consolidation, as two of the world’s five biggest spirits players, Pernod Ricard and Brown-Forman, confirmed initial talks toward a potential merger. The two companies, both publicly traded but controlled by the Ricard and Brown families respectively, said a combination would "be akin to a merger of equals" that would leverage Brown-Forman's strong position in American whiskey with Pernod's extensive global distribution network.

Both sides cautioned that there's no assurance of a deal. If negotiations are fruitful, however, a merger could create a global spirits colossus with a market cap of $30 billion and volume of nearly 200 million 9-liter cases, according to Impact Databank. The newly merged Pernod and Brown-Forman would rank second to Diageo among global spirits companies.

On a pro forma basis, a combined Pernod and Brown-Forman would have had a 2025 U.S. volume of 25.6 million cases, according to Impact Databank, sitting behind only Sazerac, Diageo, and Gallo in the U.S. spirits market.

Rumors kicked into high gear yesterday following a report from Bloomberg that said Pernod Ricard has held initial discussions with fellow top-five global spirits company Brown-Forman about a potential acquisition. The report cited unnamed sources familiar with the matter. Neither company commented on the report when contacted by Whisky Advocate sister publication Shanken News Daily.

This isn't the first time Brown-Forman has been linked to takeover rumors. Back in 2017, it was reported that Constellation made an offer to acquire the Kentucky-based spirits giant, but Brown-Forman—long controlled by the Brown family—responded that it wasn't for sale. Yesterday's report of a renewed takeover effort sent Brown-Forman shares up by 20%, but weighed down Pernod's share price by 7% as analysts evaluated the potential ramifications.

If the deal were to come to fruition, the combined company would rank second both globally and in the U.S. in volume among all spirits companies. On a pro forma basis, a combined Pernod and Brown-Forman would have had a 2025 U.S. volume of 25.6 million cases, according to Impact Databank, sitting behind only Sazerac, Diageo, and Gallo.

Led by brands like Chivas Regal, Glenlivet, Jameson, Absolut, Ballantine's, Malibu, Martell, and others, Pernod Ricard has an annual volume of approximately 150 million 9-liter cases worldwide, according to Impact Databank, roughly even with Suntory Global Spirits for second place among all spirits marketers. Brown-Forman's 46-million case global portfolio, meanwhile, is dominated by Jack Daniels at 17.6 million cases, including its flavored offshoots, along with Woodford Reserve, New Mix RTDs, and El Jimador and Herradura tequilas, among others. The company is fifth worldwide in total spirits volume.

A play for Brown-Forman would immediately boost Pernod Ricard's business in the American whiskey and tequila categories, areas where it has lagged competitors. Along with Jack Daniel's Tennessee whiskey, the addition of Woodford Reserve bourbon would dramatically enhance Pernod's position at American whiskey's premium end, where its portfolio currently includes smaller labels like Jefferson's, Rabbit Hole, TX, and others. Gaining El Jimador and Herradura tequilas would similarly bolster Pernod's range.

The deal rumors come at a time when major spirits companies are in search of new growth avenues. Pernod Ricard posted sales down 6% to €5.3 billion ($6.2b) for its fiscal first half ended in December, as profit from recurring operations slipped 7.5% to €1.6 billion ($1.9b). The French spirits giant’s sales were weighed down by the key markets of the U.S. and China, where softer demand and inventory adjustments reduced shipments during the period.—David Fleming

Tennessee Distilling Group Buys Waterford but Not Its Whiskey

Contract distiller Tennessee Distilling Group (TDG) has bought Ireland’s Waterford Distillery, bringing it out of receivership and paving the way for production to return. The deal, reportedly worth around $7 million, includes the distillery, brand, and associated intellectual property. Waterford Distillery, founded by Mark Reynier following his departure from Bruichladdich, has been closed since late 2024. TDG did not purchase the thousands of maturing Waterford casks distilled under Reynier’s stewardship. Waterford’s receivers will launch Prestige Casks, a B2B platform, which will offer 70,000 unsold Irish whiskey casks left over from the collapse of both Waterford and Powerscourt Distilleries.—Jonny McCormick

Evan Williams Gets into The College Spirit

Heaven Hill is launching five new college-themed bottlings of its Evan Williams Single Barrel bourbon, toasting the University of Alabama, University of Florida, Syracuse University, Texas Christian University, and the University of South Carolina. The bottlings feature the respective universities’ logos and will be available in their home states beginning in early April. The release coincides with the end of March Madness and the beginning of graduation season. All are bottled at 43.3% ABV and priced at $35. Heaven Hill is planning another round of college-specific single barrels for the fall football season.—Shanken News Daily

Blue Run Partners with the Atlanta Braves

Major League Baseball’s Atlanta Braves are celebrating their opening day (Friday, March 27th) and 60th anniversary as a franchise with a Blue Run Spirits collaboration. The new partnership features a limited edition bottle of Blue Run Kentucky Straight High Rye bourbon; the bottle has Braves accents on the label and neck. It’s available throughout Georgia for $80.—Julia Higgins

Elijah Craig and Pro Golfer Bob MacIntyre Partner Up

Heaven Hill’s Elijah Craig has teamed up with Scottish pro golfer Bob MacIntyre to pull more scotch lovers into bourbon. The two have debuted a challenge on Instagram video for scotch drinkers—the first 100 fans to comment how they’ll be enjoying their whiskey (Elijah Craig or another American expression) will win a $40 gift card.—Julia Higgins

Chicken Cock’s Louisville Outpost Gets a Makeover

Chicken Cock Whiskey announced that Circa 1856 Louisville, its tasting room and Bourbon Trail location that opened its doors last July, has relaunched as The Coupe—a new speakeasy-inspired bar concept. According to director of brand experiences Emily Zaborowski, The Coupe aims to give locals and tourists an opportunity to learn more about Chicken Cock through cocktails, events, and community gatherings. The concept is debuting this weekend with events, which kicked off last night with a special pop-up with barware brand Mover & Shaker Co. Tonight, the bar will reveal its new menu at an event hosted by bar lead Kelly Nelson, and tomorrow Chicken Cock will sponsor a goat race as part of the neighborhood’s annual Bock & Wurst beer festival.—Danny Brandon

Iron Smoke Distillery’s Rock the Barrel 3: Brown Butter Bourbon Event

A collaboration between guitarist John Petrucci and Iron Smoke Distillery, Brown Butter Bourbon will launch tomorrow, March 28^th, at the Hard Rock Café Times Square in New York City. The launch begins at 7 p.m. and will include a live Q&A with Petrucci and Iron Smoke co-founder Tommy Brunett, live music by Mt. Juliet, and a bottle signing for those who bring an unopened bottle of Rock the Barrel. Admission also includes a tasting of Rock the Barrel 3 bourbon and one Iron Smoke cocktail or mocktail. The ticket cost is $20 for attendees who want the cocktail, $15 for those who want the mocktail. See full details and buy tickets here.

Remus’s New Membership Program

Recently, several distillers have launched subscription programs offering fans various perks and bottles on a set payment schedule. MGP’s Remus label has just joined the fray with its new Remus Bottle Club. The program gives members a new bottle each quarter, an early look at upcoming expressions, and behind-the-scenes with virtual tours and tastings—a rare opportunity for Ross & Squibb Distillery, which isn’t open to the public. Members can also receive free pours at Limestone Branch and Lux Row, which are Ross & Squibb’s sister distilleries in Kentucky.

Membership prices change per quarter, but the first wave is currently $80. The inaugural expression for the program will be Master Distiller’s Experimental Series No. 2: a 2017 vintage wheat whiskey finished in tawny port, white port, oloroso, and ruby port casks. (It marks both the first wheat whiskey and the first finished release from Remus.) More information can be found on the program’s website.—Danny Brandon

Glenkinchie Launches 30 year old Distillery Exclusive

Diageo is releasing the oldest official release from Glenkinchie, though you’ll need to visit the distillery in Scotland to buy it. The cask strength (58.4% ABV) Lowland single malt was married in European oak puncheons after an initial 28-year maturation in American and European oak refill casks. It’s inspired by the barn swallows that return to the distillery near Edinburgh each year. Glenkinchie 30 year old A Richness of Swallows celebrates the joyous return of these birds from Africa, a harbinger of the warm summer days ahead. The distillery exclusive is priced at £595/$800, and there are 1,002 bottles available.—Jonny McCormick

Margie Lehrman To Retire From ACSA

Margie S. Lehrman, the longtime CEO of the American Craft Spirits Association trade group, is stepping down after more than a decade at the helm, transitioning into the newly created CEO Emeritus position effective May 1st. Lehrman played a key role in shaping the group, having joined briefly after its creation and serving as its inaugural CEO. Under her leadership, the ACSA won many hard-fought battles for the craft sector: securing a permanent Federal excise tax reduction, securing relief for producers during the pandemic, and expanding direct-to-consumer (DTC) allowances in several states.

Lehrman has named COO Emily Pennington as her successor. Pennington joined the company in early 2025, and she worked closely with Lehrman on numerous projects. Pennington has 15 years of experience in the spirits industry, having previously served as editor of Wine & Spirits Daily and later as senior manager at importer and distributor Park Street.—Danny Brandon

Autumn Nethery Promoted at Jeptha Creed

As Shelbyville, Kentucky farm distillery Jeptha Creed celebrates its 10th anniversary, Autumn Nethery—daughter of master distiller Joyce Nethery—has been elevated from head of marketing and sales to vice president of operations. In her new role, Autumn will oversee the visitor center, distillery, marketing, and sales. Her long-term goal is to expand the brand’s availability nationwide. The promotion comes at a time of growth and excitement for Jeptha Creed, which recorded a 28% rise in tourism last year.—Danny Brandon

New Spirits Releases

Mijenta Tequila has released the third expression in its Symphony Series, a collection that focuses on aging in special barrels. This year’s version is an añejo that’s spent 18 months in toasted oak barrels constructed from staves sourced from Minnesota, Missouri, Pennsylvania, and Virginia. It was bottled at 45% ABV and has a suggested retail price of $120.