What better day to take a closer look at the tequila business than on Cinco de Mayo?
Jim Cramer has an abundance of knowledge on this topic—not because he drinks tequila every night, but because he is one of the owners of Mexican restaurant in Brooklyn that carries 120 different brands of tequila.
One company that is on the "Mad Money" host's radar is Tequila Avión. This is the premium tequila brand that gained popularity after it was featured on the show "Entourage" a few years ago.
Though the company is not publicly traded, last summer Pernod Ricard, the world's second largest wine and spirits company, acquired a majority stake in the company.
Cramer knows that the alcohol business can rake in some serious dough. To learn more about what could be in store for Tequila Avión following its Pernod Ricard acquisition, Cramer spoke with founder and CEO Ken Austin.
The CEO explained that Pernod Richard's majority stake in Avión has been excellent for the company, as it has allowed Austin and his team to continue to run the company. This type of autonomy is a rare circumstance.
"As I say, the lunatics are running the asylum. Total autonomy, so as an entrepreneur I made the right bet in Pernod Ricard versus going somewhere else where they would probably would have tried to throw the entrepreneur out," Austin said.
Austin confirmed that the private transaction with Pernod was upwards of $100 million. However, both Austin and the company's president, Jenna Fagan, hold a portion of the company and plan to be involved for the long-term.
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Going forward, Austin plans to expand Avión's global footprint as currently tequila is predominantly popular in North America. He confirmed that the ultra-premium category is up 6 percent so far this year, and Avión was double that last year.
"As long as nothing ever changes in the bottle, we will not cut corners and we will continue to be inefficient. The minute we become efficient as a tequila maker, is the minute I don't want anything to do with it. So that will not happen with Avión," Austin added.
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