"This acquisition is proof of the mainstream potential of the category, and our shared ambition to make sure a non-alc cocktail is available on every menu and on every grocery and liquor store shelf, providing sophisticated choices to today's consumer," said the company's co-founder, Marcus Sakey, in a statement.
Diageo's results for the second quarter of this year showed a loss, their first since the pandemic. In light of that news, this acquisition seems like a savvy decision: namely, buying an industry leader in a space where Diageo doesn't have as much of a foothold.
As Vinepair's Pete O'Connell pointed out in a report on the transaction, Diageo first invested in Ritual Zero Proof four years ago. And this acquisition sure seems like it heralds more news ahead.
Diageo's move to acquire Ritual Zero Proof signifies a significant step forward in expanding its holdings in the rapidly growing non-alcoholic beverage market.
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