Billionaire John Paul DeJoria, co-founder of Patron, said Bacardi has the resources to take the tequila company even further.

Bacardi, which owned a stake in Patron, announced plans to take full ownership of the company earlier this week, in a deal that values Patron at $5.1 billion. 

"Besides being a great partner of ours all this time, [Bacardi has] a lot distribution that they personally own in different countries," he told TheStreet in an interview.

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