Bacardi Ltd., the spirits maker best known for its rum, is nearing a deal to acquire Ilegal Mezcal after private equity firm L Catterton held talks to buy the company, according to Bloomberg News.
A deal would value Ilegal Mezcal at less than $200 million, Bloomberg reported. Bacardi, alongside VMG Partners, is an existing investor in Ilegal Mezcal and has a right of first refusal in a sale, according to Bloomberg. Bacardi bought a minority stake in Ilegal Mezcal in 2017, before its $5.1 billion acquisition of Patron Tequila.