Diageo Acquiring Lone River Ranch Water Maker

Dear Client: The Ranch Water space was already hot (see this morning's issue), and it's just turned up a couple of degrees: Liquor giant Diageo has just announced it has acquired Far West Spirits, maker of the 2-year-old Lone River Ranch Water brand, one of the topselling "Ranch Waters" in Texas grocery.  Price was not disclosed, but the companies said the acquisition "will be funded through existing cash resources." We're told that founder Katie Beal Brown will retain a minority