FRANCE/FINLAND: Rémy Cointreau agrees sale of Larsen Cognac to Altia

By | 10 June 2013

Rémy Cointreau agreed to buy Larsen Cognac in December

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.

Remy agreed to buy Larsen in December, acquiring the entire share capital of the family-owned Cognac producer. Negotiations over the deal were first revealed in October

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.

Expert analysis

Global market review of brandy and Cognac – forecasts to 2016

At over 26,000 words, containing over 40 tables, IWSR's proprietary brand volumes and market forecasts, exclusive interviews with the top global brands, and including all the invaluable insight you have come to expect from the drinks publishing experts IWSR and just-drinks, this report is essential reading and provides fundamental market and brand data for your market planning and analysis work on this category.

Sectors: Mergers & acquisitions, Spirits

Companies: Cointreau, Remy

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