US-based spirit maker Sazerac has completed its two-part acquisition of a significant minority stake in John Distilleries Pvt Ltd (JDPL), a leading liquor maker in India.
Sazerac has acquired the 20% stake that private equity investor Gaja Capital still held at a valuation of 1,000 crores, said people aware of the development, taking its overall holding to 43%. The founder and managing partner of Gaja Capital, Gopal Jain confirmed the development but refused to disclose details.
Sazerac acquired a 23% stake in John Distilleries from Gaja Capital in October last year, marking its entry into India. Paul John, chairman and managing director at John Distilleries, holds the remaining 57% stake.
In the year 2011-2013, Gaja Capital, has invested about 75 crores in John Distilleries, has made a five fold return through the exit.
Sazerac is the second-largest family-owned spirits company in the US. The group owns brands like Buffalo Trace Bourbon, EH Taylor Bourbon, Fireball, Pappy Van Winkle Bourbon and Southern Comfort.