Pernod Ricard took a majority interest in the brand in 2014, and has now acquired the remaining stake from joint venture partner Tequila Avión.
Founder Ken Austin and President Jenna Fagnan, along with American rapper Jeezy, will remain involved with the brand until at least 2020.
Avión is an ultra-premium tequila produced from Blue Weber agave from Jalisco, Mexico, created in small batches using ‘a meticulous, time-intensive distilling process and proprietary ultra-slow filtration’.
Paul Duffy, CEO of Pernod Ricard USA, said: "Avión has become a leading aspirational lifestyle brand in the fast-growing ultra-premium tequila category. This acquisition is important for Pernod Ricard USA as we focus on premiumization and building brands that consumers are passionate about."
Wine and spirits giant Pernod Ricard is behind brands such Absolut Vodka, Chivas Regal Scotch Whisky, Jameson Irish Whiskey, Beefeater Gin and Jacob’s Creek.