Castle Brands, a developer of premium branded spirits, has acquired a further 20.1% stake in Gosling-Castle Partners (GCP), its strategic global export venture with the Gosling family.

GCP has exclusive long-term export and distribution rights for Goslings Rum and Goslings Stormy Ginger Beer for all countries excluding Bermuda.

This deal increases Castle Brands' ownership of GCP to 80.1% and will allow consolidation for tax purposes.

Castle Brands president and CEO Richard J Lampen said: "Since Castle Brands joined forces with the Gosling family to form GCP in 2005, sales of Goslings Rum have grown rapidly in the United States and internationally. Sales were approximately 170,000 cases (9l) during the 12 months ended 31 December 2016.

"In addition, we have worked together to launch and grow Goslings Stormy Ginger Beer, used in the trademarked Dark 'n Stormy cocktail, an important driver of Goslings Rum sales.

“Sales of Goslings Stormy Ginger Beer were approximately 1,325,000 cases during the 12 months ended 31 December 2016. We are very glad that we have increased our ownership of GCP and have extended the terms of our Goslings agreements."

"The Goslings family has produced Goslings rum in Bermuda for 200 years."

GCP president and CEO Malcom Gosling said: "The Goslings family has produced Goslings rum in Bermuda for 200 years. Because we realised that the brand had great potential in the US and internationally, we initiated sales in the US almost 20 years ago.

“By joining together with Castle Brands in 2005, we sharply accelerated that growth by gaining a very strong sales force, top-tier distributor relations and substantial infrastructure to support operations. We are excited to be taking these important steps to expand the relationship with Castle Brands."

Castle Brands chief operating officer, executive vice president John Glover said: "We believe that our sales and marketing initiatives will enhance Goslings Rum sales and that the strong growth of Goslings Stormy Ginger Beer will expand the consumer base, grow brand awareness and drive more consumer pull.

“We look forward to working even more closely with Malcolm Gosling and the Gosling family to build the prominence of the iconic Goslings brands."

Further, Castle Brands announced that GCP's exclusive export agreement with Gosling's Export (Bermuda) Limited and exclusive distribution agreement with Castle Brands have been extended through 31 March 2030, following which there would be ten-year renewal terms.