John Paul DeJoria sells his company Patron which is valued at $5.1 billion
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John Paul DeJoria sells his company Patron which is valued at $5.1 billion

Bacardi Ltd. is acquiring the maker of Patrón tequila, owned by John Paul DeJoria, in a deal that values the premium brand at $5.1 billion, one of the biggest liquor buys in years as rivals scramble to own more top-shelf spirits.

The Greek Italian John Paul Jones DeJoria is on the Forbes 400 list, with the 400 wealthiest people in America, with a fortune that reaches 3,1billion dollars. His main income source is John Paul Mitchell Systems, his hair products company. Actually, before building his business empire, he used to be a homeless guy living in his car.

The transaction would give Bacardi full ownership of Patrón after holding what it characterized as a significant minority stake in the company since 2008.

Expected to close during the first half of 2018, the deal will make Bacardi the No. 1 U.S. spirits player in the super-premium segment, Bacardi said, citing the most recent data from IWSR, the leading source of analysis on the beverage alcohol market.

The transaction would also make Bacardi the second-largest spirits company in market share by value in the in the U.S. market, the company said.

Bacardi, the largest privately held spirits company, produces and markets more than 200 brands and labels, including Bacardi rum, Grey Goose vodka, Dewars blended Scotch whiskey and Bombay Sapphire, a premium gin.

Patrón was founded by entrepreneurs John Paul DeJoria and Martin Crowley with a mission to create a tequila that was “simply perfect,” a philosophy that continues to guide the business today. Patrón tequila is produced from the highest-quality 100% Weber Blue Agave, distilled through time-honored processes with meticulous precision and care, and delivered in iconic bottles that are a symbol of perfection around the world.

Tequila is one of the fastest-growing and most attractive categories in the spirits industry, with Patrón being the clear market leader in the super-premium segment. Super-premium brands continue to experience the fastest growth, and the trend is expected to continue.

“We started this business more than a quarter century ago with a singular mission – to create an ultra-premium, luxury tequila,” said John Paul DeJoria, co-founder of Patrón tequila. “Today, with that continued commitment to quality and several other extraordinary brands in our portfolio, we produce more than three million cases of distilled spirits annually that are enjoyed around the world. I am proud of what our entire organization has accomplished, and the work we do in giving back to the people and communities in which we operate.”

“Patrón and Bacardi were both founded on the principles of quality, integrity, and innovation, and driven by a sense of fearlessness – it’s in our DNA,” said Facundo L. Bacardi, Chairman of Bacardi Limited. “It has been a privilege being a partner for a number of years with a remarkable entrepreneur like John Paul DeJoria. John Paul’s vision, integrity, and courage are responsible for introducing the world to simply perfect tequila. As we move forward together, we will continue to pursue perfection as the guiding light in everything Patrón stands for.”