Since distiller Beam Inc. broke from its parent company a year ago, industry watchers have speculated that it would eventually be swallowed up by a larger rival, such as Diageo PLC or Pernod Ricard SA.

So far, however, the maker of Jim Beam bourbon, Courvoisier cognac, Sauza tequila and other big-name spirits has been the predator, not the prey, shelling out $605 million to buy the Pinnacle vodka and Calico Jack rum brands from White Rock Distilleries and an additional $95 million for Cooley Distillery, maker of Kilbeggan...