In fiscal year 2020, Diageo acquired a minority stake in Ritual through its funding into and partnership with Distill Ventures, the accelerator for founder-led drinks brands, and has now funded the aquisition through existing cash resources.
Heidi Dillon, chief executive, Distill Ventures, added: “When we first invested in Ritual, the non-alcoholic landscape in the US was nascent, but our insights told us the consumer was there and ready."
Today, the brand’s portfolio contains alternatives to whiskey, tequila, gin, rum and aperitif. David Crooch, co-founder, Ritual Zero Proof, said: “From day one, we’ve set out to create an iconic brand in the drinks industry, specifically designed to meet the needs of the modern consumer. With the continued and widespread growth of the category, there is significant market presence and consumer demand.”
Crooch will remain actively involved with the brand, being named general manager of Diageo non-alcohol, to lead the expansion of Diageo North America’s non-alc business unit.
