Jose Cuervo, the world’s largest tequila maker and one of Latin America’s biggest family businesses, wants to do an initial public offering on the Mexican stock exchange as it seeks funds for expansion. Owned by the Beckmann family, Jose Cuervo is looking to raise between $500 million and $1 billion, say media reports. The IPO has been widely anticipated – here’s some background to it.
There’s been no disclosure on how much of the business the family plan to sell on the open market, but the Beckmanns are expected to continue to control Jose Cuervo, which they have owned for more than 200 years. According to a Bloomberg report, fifth generation Juan Beckmann Vidal owns 70% of the family business through a company called Becle. His son Domingo Beckmann, who is CEO of Jose Cuervo, owns the rest. So they could sell a sizable chunk and still retain control.