Yarra Valley-based non-alcoholic distillery, Banks Botanicals, has been acquired by Alchemy Distillers – aiming to support the brand in its next stage of expansion and innovation.
Founded in 2021 by Brian Cohen, Yolanda Uys and Frank de Palma, Banks has since achieved national retail expansion and international acclaim, as well as global exports to Singapore, Malaysia, Hong Kong, Fiji, and the Middle East.
With a mission to redefine the drinking experience without sacrificing flavour or ritual, the company aligns with the cultural shift toward healthier lifestyles and reduced alcohol consumption – shown by Australia’s total beverage alcohol (TBA) volumes falling by -3 per cent in 2024, according to IWSR.
Banks Botanicals co-founder and CEO, Brian Cohen, said the sale marks a new chapter that allows the company to accelerate into markets it always knew it could win.
Source: Banks Botanicals
“When we started Banks in 2021, a profound cultural shift was underway, the world was redefining what it means to drink, celebrate and connect. We believed Australians deserved a non-alcoholic option that doesn’t compromise taste and quality. What’s evolved since has exceeded every expectation,” said Cohen.
“From our Yarra Valley distillery to shelves around the world, Banks has grown into a brand with momentum and achieved global relevance. We're immensely proud of what we built and energised by what comes next.”
Alchemy Distillers will help drive the next stage of growth for Banks, global expansion and accelerated innovation, which demands greater scale, infrastructure and investment. Production will remain in the Yarra Valley, which the company stated will ensure continuity of quality and maintain the brand’s authentic connection to place.
With a cellar door in Healesville, Alchemy is an independent craft distillery, founded in 2016 by Evan Kipping and Jannick Zester. Under the Alchemy name, the company produces a Chamomile Gin and Citrus Vodka, but also has a range of products under the Hermetica Distillery brand. The acquisition of Banks Botanicals means its range will be supported by the eponymous Banks Botanicals Crafted Non-Alcoholic Spirit, the Citron edition, and a range of RTD cocktails.
Banks Botanicals co-founder, Frank De Palma, said the company has always been about craftsmanship.
“We obsessed over every botanical, every note, every detail. Watching consumers fall in love with something we created from nothing has been extraordinary,” said De Palma.
“The brand is now in the hands of people who share that commitment to quality and ambition. I couldn’t be more excited for its future.”
Banks stated with Alchemy Distilling at the helm, the brand will continue to elevate the non-alcoholic category, champion conscious drinking, and strengthen its position as an Australian icon in the emerging world of premium alcohol-free spirits.
