Welcome back to the BevNET spirits newsletter and happy Juneteenth. This week we’re chatting with the president of Pronghorn about where the accelerator is at in its pursuit of creating $2.4 billion in economic value for the Black community by investing in 57 Black-owned spirits brands by 2032. 

What insiders are reading: Check out WhistlePig’s dance with death (okay, Liquid Death) and the splashiest marketing campaigns this summer. 

Thanks for reading.

-BevNET spirits editor, Ferron Salniker

With 38 investments since its founding in 2022, Pronghorn – the accelerator focused on cultivating the next generation of Black entrepreneurs and executives in spirits – has been one of the most active funds in the bev-alc space. In the first year of reporting for BevNET, I could barely keep up with announcements of new portfolio additions, companies like Ego Tequila, founded by one of the few Black women to own a tequila company, or Delta Dirt, Arkansas’ first Black-owned distillery and America’s only Black-owned farm distillery.

But things have been fairly quiet on the investment front lately. That’s because, according to newish president Ron Cole, the firm has been busy refocusing on how to achieve its ambitious goals. There’s been an investment slowdown overall in spirits over the past year, so the gaze inward isn’t necessarily surprising. Backed by anchor investor Diageo North America, Cole said he’s confident in the spirit giant’s continued support – despite that it’s now a lonelier accelerator post the shuttering of Distill Ventures. 

Pronghorn now is “heads down” on working with some of the firm’s largest investments to find additional ways that it can unlock growth through its resources. To ride out the spirits slowdown, Cole says they’ve been driving brands to “be better where you're at and go deeper where you're at.”

As for future investments, the accelerator is shifting its criteria to focus on businesses that have demonstrated growth and viability, who are not at the “very beginning of their journey, but maybe a third of the way there.” Again, not surprising but certainly a change from many of the startups in its portfolio. 

The firm is also still working on its internship and mentorship programs geared at placing Black employees within 1,800 industry roles, during a time when DEI programs have come under pressure from President Trump. Cole stressed that diversity and equity has economic impact: on reaching consumer bases, innovating, and hiring talent that offers different ways of thinking. 

“We believe this should be a trillion dollar industry,” he said. “You don't get to a trillion dollars by doing the same old, same old all the time.”

Another major spirits supplier is shifting its California distribution to Reyes Beverage Group following the closing of Republic National Distributing Company’s (RNDC) operations in the Golden State. Fast-moving tequila LALO Spirits joins Tito’s, Brown-Forman and High Noon at the evolving total bev distributor. Read more.

As major spirits groups struggle with slow sales, Pernod Ricard is next to cut jobs. The French spirits group has begun an internal project to restructure, leading to “departures," according to a report from Reuters yesterday. Here's what we've learned.

Los Angeles’ first post-prohibition era distillery, Greenbar Distillery, has been trying to solve a problem for 21 years, and a new product called Staria could be the answer. After five years of research building on the company’s long history of creating complex liqueurs, bitters and amari, the liquid is the craft distillery’s “magnum opus” – a liqueur designed to help at-home cocktail makers execute uncomplicated drinks. But will consumers ditch RTDs for it? Read more.

The youngest of nine children has stepped up as CEO and master distiller for a family of historic tequila producers. After departing her career in architecture and joining El Tesoro in 2015 as master of operations and third generation tequila maker, Jenny Camarena has now taken over leadership from her brother Carlos Camarena, largely known as a pioneer in modern tequila production. Read my chat with one of the most interesting women in the tequila business. 

In the latest new spirits roundup, Smirnoff gets a ginger guava kick, Diplomatico Rum drops a 13-year limited release, Brother’s Bond graces hotel guests with regenerative grain-whiskey, and Paladar Tequila releases a series from for the barrel-curious.

Shark Week brings more than just documentaries – Outback Steakhouse's viral shark-themed mocktail trend highlights an interesting point about the non-alcoholic spirits market. While adult non-alc is on fire, Outback Steakhouse is opting out of using NA spirits for its zero-proof cocktails, finding success with traditional mocktails that are appropriate for all ages. Learn more about how the restaurant chain is evolving its non-alc menu.

As former RNDC suppliers plot their next move, what will be the impact of the distributor’s exit from California on independent spirits and ready-to-drink (RTD) brands? We talked to several experts and brands to see how they’re navigating. Read the full story. 

I had a great time in New York at BevNET Live chatting with three women behind NA Spirits brands De Soi, Little Saints and The Pathfinder about how they are creating retail scale and capitalizing on growing consumer interest. Take a look