Sazerac Continues Expansion Push With Bid for German Spirits Group

An employee of the Berentzen company holds a bottle of Apfelkorn — an apple-flavored German liqueur — at the Berentzen-Gruppe AG plant on Oct. 29, 2013, in Minden, Germany. (Photo: Peter Steffen/picture-alliance/dpa/AP Image)

Sazerac is continuing its global expansion push with a proposed takeover of German spirits producer Berentzen-Gruppe, offering €5.55 ($6.37) per share for the company.

Berentzen-Gruppe has entered into a business combination agreement with Sazerac, with its executive and supervisory boards supporting the voluntary public takeover offer. The proposed price represents a premium of about 68% over Berentzen’s three-month volume-weighted average share price before takeover speculation affected its stock.

The offer is subject to Sazerac receiving more than 50% of Berentzen’s shares. If successful, Sazerac plans to delist Berentzen from the Frankfurt Stock Exchange.

The transaction could close as soon as the fourth quarter of 2026, although the offer document must first be submitted to German financial regulator BaFin for review and approval. Berentzen’s boards will issue another statement after the offer document has been reviewed.

Berentzen’s portfolio includes its namesake fruit liqueurs and schnapps, Puschkin vodka and Bommerlunder Aquavit. The company has operated in Germany for more than 260 years.

Sazerac said it intends to invest in Berentzen’s existing sites and capabilities while creating opportunities for its current employees. The deal would also give Sazerac additional manufacturing and distribution capacity in Europe.

“We are confident this business combination will be beneficial for both sides, enabling us to manufacture and distribute spirits products for the whole of Europe and beyond with greater flexibility and pace, including brands from the Berentzen Group, Sazerac as well as private-label ranges,” Sazerac CEO and President Jake Wenz said in a statement.

The proposed deal would add another European spirits business to Sazerac’s growing portfolio. The Louisville, Kentucky-based company recently acquired Au Vodka and the Dirty Shirley ready-to-drink cocktail brand.

Sazerac also announced last week that it would bring Svedka Vodka to the UK, marking the brand’s first international expansion since Sazerac acquired it.

The company is best known for its American whiskey portfolio, including Buffalo Trace and Pappy Van Winkle, as well as brands such as Fireball and Southern Comfort.

For Berentzen, the proposed combination would provide a strategic partner for its international expansion and growth plans.

“We, the executive board together with the supervisory board, see this as an outstanding opportunity for the Berentzen Group – for the company, its staff and its shareholders,” Berentzen CEO Olivier Schwegmann and CFO Ralf Bruehoefner said.

The executives said Sazerac’s financial resources, international reach and acquisition track record could help Berentzen expand its business.

The proposed €5.55-per-share price is at a level Berentzen’s executives said had not been seen for more than two years. They said they intend to recommend that shareholders accept the offer.

The Berentzen proposal comes as Sazerac continues to pursue one of the biggest potential spirits acquisitions of the year. The company has made multiple attempts to acquire Brown-Forman, the Louisville-based owner of Jack Daniel’s, Woodford Reserve and other major spirits brands.

Sazerac reportedly first proposed acquiring Brown-Forman for $32 per share in April, valuing the company at about $15 billion. Brown-Forman rejected the offer, and Sazerac renewed its interest in July by appealing directly to Brown-Forman’s Class A shareholders, who are primarily members of the Brown family.

Brown-Forman’s board again rejected the proposal in July, calling it “not actionable.” Wolf Pen Branch, a group representing the majority of Brown-Forman’s Class A shares, also said the proposal did not align with the family’s vision for the company.

The Brown-Forman pursuit followed the collapse of Brown-Forman proposed merger talks with Pernod Ricard earlier in 2026. Sazerac’s interest emerged during those discussions and shifted the focus toward a potential acquisition by the privately held Kentucky spirits company.