With M&A slowing down and capital hard to come by, how should spirits companies get creative? That was the major question at a panel discussion during the annual Distilled Spirits Council of the U.S. (DISCUS) conference in Washington D.C. last week. The title of the panel was actually Congratulations, you've made a deal! What’s next?, but let’s be real, that doesn’t make sense for most of the industry in 2025. As we know, many of the spirits giants are offloading non-core brands, divesting assets and shutting accelerators as they turn to flagship products for growth. “All of the pythons that are the strategics have all had their meal over the past three or four years and they're in the process of digesting,” said Robert Furniss-Roe, whose Samson & Surrey was acquired by Heaven Hill in 2022. There were more wise and colorful words from Robert, as well as the other panelists who agreed that now is time to think about lateral moves and keep your head down to focus on things like cutting your burn rate. There are other options too. One example could be overseas portfolios interested in strategic additions to gain a foothold in the U.S. at a good price. Those interested buyers could also be less focused on liquid and brand, and more on “the city that you’re winning in,” said Dan Gasper. “Don't underestimate the fact that you are the master of your backyard and how valuable that might be,” he said. All the more reason to show up and take advantage of national brands cutting their local budgets. Also, keep in mind that M&A isn’t an exact science, and that may be cause for some medium-term optimism as strategics shed what doesn’t work in the current climate and over time come back to filling that space. Insiders can read the full article. | 
