When brothers Jack and Stephen Teeling opened the first distillery in Dublin for 125 years they could not have imagined they’d hit a financial jackpot.
Fourteen years on from starting their business the Teeling brothers this week completed a deal to sell their entire operation to global drinks giant Bacardi Limited.
The Teeling brothers will, however, remain a part of the brand, shaping its future and driving growth for the long term as strategic advisors.
Bacardi acquired a minority stake in the Dublin-based whiskey company in 2017 and subsequently increased its stake to become the majority shareholder in 2022. The latest deal was worth an additional US $30 million.
“Teeling is the perfect fit for Bacardi,” says Mahesh Madhavan, Chief Executive Officer for Bacardi Limited.
“The brand stands for quality, craftsmanship and a fearless approach to the category with fresh ideas and innovative new whiskeys. The hundreds of awards it’s received say everything about its success.
“There is so much long-term potential for the Irish whiskey category globally and with Teeling we are perfectly positioned to take advantage of every opportunity.”
Teeling whiskey is now exported to more than 80 markets around the world.
“My brother and I both know that at Bacardi, Teeling is in the best possible hands,” says Jack Teeling.
“Working closely with the Bacardi team over the last nine years has proven to us that as a family-owned company, Bacardi appreciates the value of everything the Teeling brand stands for and its commitment to raising the bar for Irish whiskey.”
Bacardi Limited is the largest privately held international spirits company in the world with over 200 brands including Barcardi rum, Patron Tequila, Grey Goose vodka and Bombay Saffire gin. www.bacardilimited.com
