Hine looks like it is in line for new owners

Hine looks like it is in line for new owners

The sale of Cognac house Hine is likely to generate "significant interest" in the industry, according to an analyst. 

A UK spokesperson for Hine confirmed to just-drinks today (19 April) that a buyer is being sought for the company by its owner CL World Brands. "It (Hine) is up sale, but I don't have any more detail beyond that," the spokesperson said. 

Off the back of the news, analyst Kepler said in a note today: "We expect the sale of Hine to arouse significant interest in the industry, as Cognac houses are currently looking to increase their inventories of eaux-de-vie to meet future demand." 

Hine, which is celebrating its 250th anniversary this year, has around 173 acres of vineyards in Grande Champagne. Its UK sales are "very good", according to the spokesperson, and it is also performing strongly in China and Russia.

Prior to being bought by CL Financial in 2003, Hine was part of LVMH

Earlier this week, CL World Brands announced it had also offloaded Scotch whisky producer Burn Stewart Distillers to the South African group Distell for ZAR2.2bn (US$244m).

CL World Brands is part of CL Financial, the largest privately-held conglomerate in Trinidad & Tobago. The company was bailed out of a liquidity crisis in 2009 and is currently under the control of Trinidad & Tobago's government. Last year, CL Financial sold its majority stake in Lascelles deMercado to Campari.