FRANCE: CL World Brands offloads Hine Cognac to EDV SAS
CL Financial has found a buyer for Hine Cognac
CL World Brands has sold the Thomas Hine & Co Cognac house to EDV SAS.
Hine, which was bought by CL World Brands from LVMH in 2003, confirmed the move to just-drinks late last week. The value of the transaction, which was concluded earlier this month, has not been disclosed, but local reports estimate it at between EUR40m (US$53.5m) and EUR60m.
New owner EDV SAS is a French company that is controlled by the descendants of the family behind wine trader and distributor Établissements Nicolas. In a statement, EDV SAS said: “Our strategy is to pursue the development and outreach of the Hine brand, in preserving its exclusive positioning on the market and the exceptional quality of its products, as well as in perpetuating the traditional values of its founding family.”
CL World Brands is part of Trinidad & Tobago conglomerate CL Financial. The parent 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. Then, in April, the company offloaded Scotch whisky producer Burn Stewart Distillers to the South African group Distell for ZAR2.2bn (US$244m).
Founded in 1763, Hine is the only Cognac maker to possess a UK Royal Warrant and last year reported a turnover of EUR14m.
An earlier report on this transaction said that CL World Brands had announced the completion of the deal. This was not the case. just-drinks apologises for any confusion caused.
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