Kirin Finds Buyer For Four Roses

By Richard Thomas

The whiskey industry’s week ended with this morning’s announcement that Kirin would sell Four Roses to E&J Gallo Winery for a price up to $775 million.

The final price will not exceed that amount, an important distinction at a time when the value of the dollar, which is sinking against other currencies, is rising against the yen. The deal includes a $50 million earn-out fee, which will be paid if Four Roses can meet undisclosed performance targets. Kirin has indicated it would like to conclude the deal before the end of the second quarter 2026.

Kirin announced they were putting Four Roses up for sale in October 2025, that announcement made against a backdrop of global whiskey sales in general declining, but slumping more strongly in America. The whiskey market in America is generally perceived to be correcting, as drinkers curb their habits after a Pandemic-driven binge and more of the Gen Z cohort enters adulthood, with Gen Z being more diversified in their tastes for mind-altering substances than their predecessors.

Four months ago, Kirin indicated they wanted $1 billion for Four Roses. The Japanese corporation acquired Four Roses in 2002 for $165 million ($298 million adjusted for inflation). During the Bourbon Boom, they invested $55 million in increased production and bottling capacity, and between 2022 and 2024 invested a further $23 million in erecting 17 additional warehouses.

Kirin is best known as a brewing company, but they own a diversified portfolio of interests in Japan. They have indicated their reason for selling Four Roses is to expand their Japanese healthcare/pharmaceutical interests. However, they will reportedly retain the right to sell Four Roses in Japan, and also wish to develop their Japanese whisky business.

Gallo is a family-owned wine company extending far beyond its California roots, being engaged in making, marketing and distributing over 100 brands of wine around the world. They also have a footprint in the spirits sector, but insofar as whiskey is concerned this consists of either contracts as to serve as an importer (i.e. Whyte & Mackay) or as a minority investor (i.e. Horse Soldier Bourbon). Four Roses would represent their first major foray into the whiskey business.