• June 10, 2008

Beer, wine and spirits importer Diageo and The Nolet Group, the family-owned distiller of Ketel One Vodka, have created a 50/50 joint venture owning, in perpetuity, the exclusive global rights to sell, market and distribute Ketel One Vodka and Ketel One Citroen.

Diageo paid $900 million for its 50% equity stake in the new company, which will be based in the Netherlands, per a company release. The Nolet family will continue to own the distillery in Schiedam, Holland, and will supply Ketel One Vodka and Ketel One Citroen to the new company.

The companies say that in 2007 Ketel One Vodka and Ketel One Citroen--ostly sold in North America as super-premium vodka--had a combined annual volume of 1.9 million cases.

--Karl Greenberg