(Alliance News) - Smirnoff vodka maker Diageo PLC on Wednesday said it has bought a "significant" majority shareholder in Seedlip, the world's first distilled non-alcoholic spirits brand.
Seedlip, headquartered in the Chilterns, England, was launched in 2015, and in 2016 the firm announced a minority investment from Diageo-backed accelerator programme Distill Ventures.
Distill Ventures is independently run and receives funding from Diageo to support entrepreneurs launching "innovative" drinks brands. Seedlip is the first non-alcoholic brand acquired by Diageo through Distill Ventures.
Seedlip spirits are now stocked in over 7,500 bars, restaurants, hotels and retailers globally.
Founder Ben Branson will remain "actively involved" in the company as a shareholder and director and will work with the Seedlip team and Diageo.
John Kennedy, president for Europe, Turkey & India at Diageo, described Seedlip as a "game-changing brand".
Shares in FTSE 100-listed Diageo were up 0.7% at 3,378.00 pence in London Wednesday.
Diageo (DGE)
