French alcoholic beverage firm Pernod Ricard has become the owner of the dry gin brand Monkey 47 by acquiring brands the remaining stake.

Financial details of the deal have not been divulged by the companies.

Pernod Ricard chairman and CEO Alexandre Ricard said: “This partnership is a clear example of Pernod Ricard’s ability to incubate small independent distilleries while respecting entrepreneurial freedom and the brand´s core values.

“However, Monkey 47’s success story would not have been possible without Alexander Stein’s trust, authenticity and entrepreneurial spirit, for which I am grateful.”

In January 2016, Pernod Ricard, through its German affiliate Pernod Ricard Deutschland, signed an agreement to acquire significant stake Monkey 47, which is produced in the Black Forest region in Germany.

With the completion of the acquisition, Pernod Ricard has further expended its portfolio in the gin category.

Monkey 47 founder Alexander Stein will continue his association with the brand in an advisory capacity and will support Monkey 47’s ongoing development.

Stein said: “The agreement is the logical consequence of the brand´s progress following the partnership with Pernod Ricard. I would like to thank Pernod Ricard for walking the talk. It has been a fantastic journey and I look forward to personally contributing to Monkey 47’s future trajectory.”

Earlier this month, Pernod Ricard invested Italicus Rosolio di Bergamotto, maker of bergamot-infused aperitivo.

The investment in the Italian brand is part of the French group’s strategy to expand its portfolio of premium speciality spirits. Created by Italian spirits expert Giuseppe Gallo, Italicus a liquor with 20% alcohol by volume (ABV).