Meet the families behind $70bn in global liquor dynasties | Fin24
It’s no less a family affair if your preferred tipple is a Negroni, made with one part Campari, profits on which flow to Italy’s Garavoglia family. A Cosmo?It’s a similar story for whiskey, from Kentucky’s Brown family of Jack Daniel’s fame to Japan’s Saji and Torii clan who own Jim Beam through Suntory. The Beckmann family own Jose Cuervo, the world’s best selling tequila.
A cautionary example might be the Bronfmans, who built their fortune in Canadian whisky during Prohibition. Their Seagram Co. remained one of the world’s largest owners of alcoholic-beverage lines into the 1990’s. But an ill-fated pivot into the entertainment industry overseen by Edgar Bronfman Jr., from the third generation of owners, ultimately led to a breakup and sale, with the beverage division going to Pernod Ricard and Diageo in 2000.
The Bermuda-based company now has annual revenue of about $4.1bn after adding Patron to a collection of brands that also includes Grey Goose vodka, Bombay Sapphire gin and Martini vermouth. The family’s holdings are worth about $19bn, according to calculations by the Bloomberg Billionaires Index. Bacardi is a frequent subject of speculation that it may pursue an initial public offering.
Almost a century later, the family’s early support for another revolutionary regime backfired after Fidel Castro’s government confiscated their assets. Jose Bosch — who married Facundo’s granddaughter and had been Cuba’s finance minister before running the company — continued operations from outside the country, and the family spent decades plotting to overthrow Castro, according to author Tom Gjelten’s “Bacardi and the Long Fight for Cuba.
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