Lumen Spirits Holdings, one of the fastest-growing premium spirits companies in North America, has signed a definitive agreement to acquire Highland Reserve, an award-winning craft distillery based in Asheville, North Carolina, in a cash-and-stock transaction valued at $180 million. ## Deal terms and rationale The acquisition adds Highland Reserve's portfolio of single-barrel bourbons and small-batch ryes to Lumen's growing premium portfolio, which already includes Bayfront Vodka and Casa Verde Tequila. Highland Reserve generated $42 million in revenue in 2025, up 38% year over year. Lumen said it will retain Highland Reserve's master distiller and Asheville production facility, and will expand the distillery's national distribution through Lumen's existing relationships with Southern Glazer's Wine & Spirits and Republic National Distributing Company. "We don't buy brands to absorb them — we buy them to amplify them," said Lumen CEO Daniel Park. "Highland Reserve is one of the most respected craft houses in American whiskey, and we intend to invest in its growth without diluting what makes it special." ## Why it matters For industry operators, this is another data point in the structural change reshaping the earnings sector. Watch for follow-on moves from competitors and reactions from key channel partners in the coming quarters. The transaction is expected to close in Q3 2026 pending regulatory approval. For more industry intelligence built for operators, explore [Food & Beverage Magazine's coverage](/earnings) and [our latest industry analysis](/earnings/industry-trends). Have a take on this story? Drop a comment below — we want to hear how it's playing out in your operation. Written by Michael Politz, Author of [Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1)](https://www.amazon.com/Beverage-Magazines-Guide-Restaurant-Success/dp/1119668964), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.