Park City’s High West Distillery has been sold to Constellation Brands, a Victor, New York-based Fortune 500 beverage company. The company, founded by Dave Perkins in Park City’s Old Town in 2004, has posted double-digit, year-over-year volume growth for the past three years and sells about 70,000 cases of whiskey annually, according to a release announcing the sale. {mprestriction ids="1,3"}
The sale price of $160 million includes the property High West owns at 703 Park Ave., where it operates a saloon and distillery; and the Nelson Cottage by High West, a restaurant at 651 Park Ave. Constellation Brands will also take over the lease on High West’s 30,000-square-foot distillery and tasting room in Wanship, Perkins said. The purchase includes High West’s portfolio of four primary whiskeys and several limited-edition spirits.
Perkins said the transaction is expected to close by the end of October.
Perkins told The Park Record newspaper that the deal ensures a bright future for the distillery. “Being part of Constellation Brands’ portfolio will allow High West to build on the growth that has seen it become a major player in the high-end craft spirit industry,” he said.
Perkins said there are no plans to make any changes, either at the saloon in Park City or at the Wanship distillery, that would affect the customer experience. “We wouldn’t have even been interested in talking to (Constellation Brands) if that was the case,” he said. Perkins will remain involved in High West as its self-described chief ambassador. John Esposito, the distillery’s CEO and a former executive at companies such as Bacardi, will continue running day-to-day operations.
“With the addition of High West, Constellation Brands bolsters its position in the dynamic and growing craft spirits category,” said Bill Newlands, president of Constellation Brands’ wine and spirits division. “We look forward to welcoming this creative and talented team to Constellation Brands as we work together to drive growth for High West and build our premium spirits portfolio with brands that consumers love.”{/mprestriction}
