This article was featured on the ChosunBiz MoneyMove site on March 28, 2025, at 9:19 a.m.
Pine Tree Investment & Management has begun the sale of the global Scotch whiskey brand “Windsor.” It has only been about two years since acquiring 100% of Windsor Global’s equity from Diageo Atlantic B.V. in 2023.
According to the investment banking (IB) sector on the 28th, Pine Tree Investment & Management is reportedly searching for a buyer for Windsor Global, which holds the business rights and intellectual property rights of “Windsor.” Purchasing the equity would allow for the distribution of Windsor products.
The corporate value is expected to be determined at around 200 billion won, similar to two years ago. Pine Tree Investment & Management injected 50 billion won in equity at the time of acquisition and financed the rest through loans. It is reported that they have already recovered nearly 40 billion won in cash through dividends during the holding period.
In July 2022, Diageo Korea spun off the remaining businesses, excluding those related to Windsor whiskey, to sell the Windsor division. The former Diageo Korea, now left with only the Windsor division, changed its name to Windsor Global.
Founded in 1980, Windsor Global (formerly Diageo Korea) launched the Windsor brand in 1996. The main products consist of Scotch whiskey “Windsor” and the low-alcohol whiskey “W by Windsor.” From July 2023 to June 2024, the company recorded sales of 103 billion won and earnings before interest, taxes, depreciation, and amortization (EBITDA) of 35 billion won.
Pine Tree Investment & Management, which launched in 2009, was an asset management company specializing in real estate and non-performing loans (NPL). It made a surprise appearance in the Windsor acquisition process in 2023 and completed the transaction, surpassing HiteJinro and Bayside PE.