courvoisier cognac range

Here are some highlights of the M&A activity to hit the market over the last few months of 2023.

Beam Suntory has announced the sale of its Courvoisier cognac brand to the Campari Group.

Under the terms of the agreement, Campari Group would assume full ownership of Courvoisier, including properties and operations in Jarnac, France, intellectual property, maturing inventory and case finished goods, and would distill, age and bottle Courvoisier.

“We are proud to have nurtured the iconic Courvoisier brand for nearly 20 years, investing in its growth across key global markets and transforming it into a symbol of modern luxury and an industry leader in awards and sustainability,” Greg Hughes, President and CEO of Beam Suntory

The fixed purchase price is USD1.20 billion (corresponding to €1.11 billion at today’s exchange rate), on a cash free / debt free basis. In addition to the fixed purchase price, an additional payment of maximum USD 0.12 billion (€0.11 billion) is expected to be payable in 2029 upon the achievement of net sales target realised in full year 2028. The corresponding Enterprise Value is USD1.32 billion (€1.22 billion at today’s exchange rate) is equivalent to a multiple of c. 17 times the CAAP in 2022.

Cognac is now primed to become the fourth major leg of Campari Group along with aperitifs, bourbon and tequila. This is the largest deal in Campari Group’s history, enabling a significant step up in the US presence with long term transformational potential in strategic Asia.

Tequila Enemigo MadaLuxe Group

North America’s leading luxury distributor, MadaLuxe Group acquired a majority of the Tequila Enemigo brand.

The acquisition, the first by MadaLuxe Spirits, a MadaLuxe Group Company, marks the luxury platform’s expansion into the premium spirits category. The deal was announced back in September 2023.

Henstone distillery Mike Harris

Henstone Distillery sells 50% equity stake to Welsh entrepreneur Mike Harris

Welshpool businessman and The New Saints FC owner Mike Harris bought 50 per cent of the company. As part of the deal, Henstone Distillery will be moving to a new location, with more details to follow in due course.

“Having outgrown our current site, this deal will provide us with a new space that will help us achieve our expansion goals and continue to produce products of the highest standard.” Henstone Distillery co-founder Chris Toller

Knut Hansen Dry Gin Schwarze und Schlichte Hamburg Distilling Company

Hamburg Distilling Company (HDC) completes sale to the spirits company Schwarze und Schlichte

The strategic acquisition of HDC strengthens Schwarze und Schlichte’s position in the premium spirits market – and underlines the company’s commitment to expanding its portfolio of young high-quality brands, such as HDC’s Knut Hansen Dry Gin which quickly became one of Germany’s best-selling gin brands.

Catoctin Creek Distilling Company Scott Harris Becky Harris
Scott and Becky Harris

Catoctin Creek Distilling Company reacquired company from Constellation Brands Ventures (CBV)

Both Catoctin Creek and CBV agreed that it was time for the original owners to reclaim the CBV-owned share of the company in order to focus their full attention on craft innovation, new customer experiences, and additional product lines.  Its flagship rye whisky portfolio, including Roundstone Rye, Rabble Rouser Rye, and Ragnarök Rye, will remain available for distribution, and the founders Scott and Becky Harris are excited to introduce new products, like the recently released Hot Honey Rye.

During this seven year relationship, CBV’s investment helped Catoctin Creek build substantial improvements in its Virginia-based distillery, increasing production and warehouse capacity, improving our supply chain efficiency, and expanding distribution in the U.S.

boisson non-alcoholic retailer pernod ricard

Pernod Ricard has invested US$5 million in non-alcoholic retailer Boisson

The funds from Pernod Ricard’s Convivialité Ventures and Connect Ventures will support Boisson’s local and global expansion, partnerships and product collections, positioning it “as a category disruptor and a distinguished omni-channel platform for suppliers and customers,” said the company, which also announced Sheetal Aiyer as the company’s new CEO in September 2023.

Lucas Bols the Nolet Group

Nolet and Lucas Bols to create Dutch champion in the global spirits and cocktail market

As part of the Nolet Group, owner of Ketel One vodka amongst other brands, almost four and a half centuries of Lucas Bols’ craftsmanship and heritage will be preserved for the long term. With Nolet, Lucas Bols will have a shareholder who, through its own history and family culture, understands what is needed to continuously strengthen spirits and cocktail brands for generations to come. The Nolet Group has been a shareholder of Lucas Bols since its listing and already holds approximately 29.9% of the Shares. The Nolet Group, through its affiliate HollandsGlorie B.V., and Lucas Bols have reached conditional agreement on an intended recommended public offer by HollandsGlorie B.V. for all issued and outstanding shares in the capital of Lucas Bols, representing a total value of approximately EUR 269.5 million for 100% of the Shares.

Windsor Scotch whisky Korea

Diageo agrees sale of Windsor Global to PT W Co., Ltd.

Diageo sold its Windsor Global company, a subsidiary of Diageo which owns the Windsor scotch whisky brand, to PT W Co., Ltd., a Korean company sponsored by Pine Tree Investment & Management Co., Ltd., South Korea’s leading alternative investment firm.

John O’Keeffe, President, Asia Pacific, Global Travel and India for Diageo said: “This transaction reflects Diageo’s disciplined approach to capital allocation and further highlights our continued track-record of active portfolio management. We remain fully committed to Korea and our international spirits and beer business. Our position in the market remains strong as premiumisation trends persist and consumer interest in categories like international whisky continues to grow.”

DAOU vineyards

Treasury Wine Estates acquires luxury wine brand DAOU Vineyards

DAOU Vineyards, the acclaimed luxury wine business founded in 2007 by brothers and co-proprietors Georges and Daniel Daou was acquired by Treasury Wine Estates (TWE) for an upfront consideration of $900 million, plus an additional earn-out of up to $100 million. This transformative deal will accelerate TWE’s focus on a portfolio that is increasingly luxury-led with a greater presence in key growth markets such as the U.S.

Château Lafaurie-Peyraguey

Lalique Group acquires majority stake in Château Lafaurie-Peyraguey wine estate

Lalique Group SA, which is active in the creation, development, marketing and worldwide distribution of luxury goods, announced that it would acquire 75% in the preeminent wine estate Château Lafaurie-Peyraguey in the Bordeaux region. The purchase price of EUR 18.0 million will be financed by a capital increase within the existing capital band. Lalique Group already owns the Château Lafaurie-Peyraguey five-star hotel and restaurant and will in future more closely connect the wine estate with the world of Lalique, in a similar way as with its Scotch whisky distillery The Glenturret.


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