Diageo sells whisky brand to Korean turnaround investor

Windsor has been Korea’s best-selling scotch since 2006 and claims a 35% local market share. Since 2015, three low-alcohol whisky-based sub-brands have been launched: W Ice, W Signature 17, and W Signature 12.

Windsor had a carrying value of GBP 119m (USD 144m) in Diageo’s 2023 annual report and posted double-digit sales growth for the 12 months ended June. However, the brand has struggled in recent years. It was responsible for a GBP 434m impairment charge for the 12 months ended June 2020 and Diageo marked the brand at a GBP 19m loss having agreed to dispose of it in 2022.

Bayside Private Equity and Metis Private Equity agreed to buy Windsor for KRW 200bn (USD 163.2m) in March 2022. The transaction was terminated six months later after Bayside and Metis failed to meet certain conditions for completion.

Diageo, which also owns brands such as Bell’s, Baileys, Smirnoff, Captain Morgan, Gordon’s, and Guinness, will focus on sales of its international spirits and beer business in Korea.

“Our position in the market remains strong as premiumisation trends persist and consumer interest in categories like international whisky continues to grow,” said John O'Keeffe, the company’s president for Asia Pacific, global travel, and India, in a statement.

Founded in 2006, Pine Tree is generally known as a turnaround and restructuring specialist. Past investments include STX Heavy Industries’ engine equipment division, cosmetics producer Skinfood, shipping business Dong-A Tanker, casting products business Casco, and beauty e-commerce player Ably Corp, according to AVCJ Research.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• North Asia
• Buyouts
• Consumer
• South Korea