Diageo buys hard seltzer brand Lone River Ranch Water

(Reuters) – Johnnie Walker whisky maker Diageo said on Monday it has acquired Far West Spirits LLC, the parent company of Lone River Ranch Water, as it looks to expand in the fast-growing hard seltzer category.

Hard seltzer – flavored sparkling water infused with alcohol – is the fastest growing alcohol category in the United States with sales in stores roughly doubling each year since 2016.

Terms of the acquisition were not disclosed.

Diageo, which already sells Smirnoff hard seltzer, said it would buy Texas-based Far West with existing cash resources.

(Reporting by Siddharth Cavale in Bengaluru; Editing by Krishna Chandra Eluri)