FRANCE: Russian Wine Trust acquires Croizet Cognac
The Russian Wine Trust has snapped up a Cognac producer.
The Russian drinks importer and distributor confirmed earlier this week that it has bought Croizet for an undisclosed sum.
Speaking to just-drinks today (7 June), Tim Banks, Croizet's commercial director, confirmed the transaction. "The Russian Wine Trust was formed two years ago," he said, "and now has a turnover of over US$1m a month. The company had plans to expand into vineyards and production facilities.
"We began talks with the company 13 months ago, and the deal was secured late last Thursday," Banks added. "Croizet is a perfect addition to the Wine Trust's portfolio - there is big demand in Russia for real Cognac."
The Russian company will take control of 58 hectares of vines, along with the equivalent of 2m bottles of Cognac in stock, as well as the company offices and bottling lines.
Croizet was sold to the Wine Trust by the Eymard family. The deal is expected to be completed in three months' time.
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