FRANCE/FINLAND: Rémy Cointreau agrees sale of Larsen Cognac to Altia
Rémy Cointreau agreed to buy Larsen Cognac in December
Rémy Cointreau has agreed to sell Larsen Cognac to Finland's Altia Corporation just months after buying the Norwegian-founded Cognac house.
The deal will give the brand access to Altia's network in Nordic and Baltic countries, the Cognac's key markets, Remy said today (10 June). It is expected to complete in three months, subject to regulatory approval.
Remy said the sale includes the brand, industrial and commercial assets and "inventories necessary for the entity to operate as a going concern".
Financial details of the deal were not disclosed.
Larsen was formed in 1926 by Norwegian Jens Reidar Larsen.
Altia said the deal will make it the sixth largest Cognac house and follows the acquisition of the Gronstedts and Admundsen Cognac brands in 2010 and Renault Cognac last year.
Meanwhile, Altia has agreed to buy aquavit brand Brøndums from Arcus-Gruppen for EUR11m (US$14.5m). The transaction, which has been approved by Denmark's competition authorities, will give Altia's Danish unit 23% of the country's aquavit market by volume.
Rémy Cointreau punches above its weight in spirits, having established itself as a major global player in cognac despite its relatively small size compared to Pernod Ricard and LVMH. China has been it...
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