Billionaire Patrón Tequila Founder Expands Empire With First Gin Distilled in Texas
(Photo: Waterloo Gin)
On Tuesday, the founder of Patrón Tequila and Paul Mitchell hair care, John Paul DeJoria, added another notch to his resume with the acquisition of Waterloo Gin. It’s the latest in a string of rapid-fire business moves as the billionaire forays from AI to liquor to phone carriers.
Similar to the lion’s share of DeJoria’s recent ventures, Waterloo is based in Texas. The brand was developed at Treaty Oak Distilling in 2009 and currently produces a flagship Waterloo No. 9 Gin and Waterloo Antique Gin both distilled with botanicals including lavender, grapefruit and pecan. While the recipe will reportedly stay the same, consumers can expect new packaging to hit the shelves early next year. Justin Meigs, an alum of Empress Gin, will take on the CEO role.
We had a chance to try Waterloo’s 2-year Antique expression a few years back and were quite impressed by the results. The overall experience was decidedly oaky, leaning hard into flavors of caramel, toffee and cassia bark that contrasted against hits of juniper and lemon zest. The bottling clocked in at a Raided Score® of 87.
“Waterloo is an extraordinarily high-quality, innovative and world-class spirit, a gin I’m certain that people will enjoy,” DeJoria remarked in a press release. “I’m very honored for the opportunity to help grow this incredible brand, and share Waterloo Gin with more bartenders, retailers, and consumers all across the country.”
Eloise and John Paul DeJoria attends the CMT Awards in Austin, Texas on April 7, 2024. (Photo by: Stephanie Tacy/SIPA USA via AP Images)
Spirits enthusiasts know DeJoria best as the founder of Patrón Tequila. Nearly two decades after its inception in 1989, the brand was acquired by Bacardi in a blockbuster $5.1 billion deal. These days, his involvement in the brand is limited to his ownership of the Patrón Tequila Express, a 1927 vintage railcar decked out with the makings of a 19th-century palace.
DeJoria kept the momentum rolling earlier this year with the founding of Round 2 Spirits, assembled alongside industry veterans from Patrón, Grey Goose and Southern Glazer’s Wine and Spirits. The company’s first release, an agave-based vodka dubbed Weber Ranch 1902, touched down to market in May. DeJoria’s acquisition of Waterloo is reportedly separate from his involvement with Round 2.
Elsewhere, the billionaire recently founded an AI-based startup connecting retailers with secondary markets; in June, he was a rumored bidder in a Paramount Pictures takeover deal.
Those hoping to try his latest venture can find Waterloo here. The brand’s No. 9 Gin and Antique Gin are priced at $36.99 and $42.99, respectively.
“I’m incredibly excited about this new chapter for the Waterloo brand, now in the capable hands of John Paul DeJoria and his talented team of spirits industry veterans,” Waterloo Gin founder Daniel Barnes said. “Their deep industry experience and passion for cultivating and growing brands gives me great confidence that Waterloo Gin will continue to flourish and reach new consumers everywhere.”
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