SWEDEN: V&S to sell off US distiller
V&S Group is mulling the sale of Florida Distillers.
The subsidiary of the Absolut Spirits Company confirmed today (7 June) that it is "exploring strategic alternatives including a possible sale" for the company, which is a division of Cruzan International, the US-based rum, brandy and wine supplier. V&S acquired Cruzan in March of this year.
"V&S is evaluating strategic alternatives for Florida Distillers in order to maintain focus on our branded spirits business," said Mats Andersson, senior vice president of business development at V&S. "Cruzan Rum was the main objective of our acquisition of Cruzan International, and V&S will explore other alternatives for the group's non-core operations."
The company added that it has engaged TM Capital Corp. to explore strategic alternatives for Florida Distillers.
Florida Distillers manufactures and markets bulk and branded beverage alcohol products. The company also has a contract bottling operation and is the leading producer in the US of citrus brandy and citrus spirits. It also produces cooking wines and vinegar products. Florida Distillers conducts its operations through four facilities in Florida and Kentucky.
V&S completed the purchase of Cruzan from Angostura earlier this year for US$202m. When contacted by just-drinks, a spokesperson declined to give further details about how much the company could expect from the sale of Florida Distillers.
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