Distell is selling its Bisquit cognac business to Italian liquor group Campari for €52.5m, both groups announced on Wednesday.
Distell, whose brands include Klipdrift brandy and Savanna cider, said the disposal was part of its "strategic intent to focus on a core portfolio of categories, brands and assets that support the company’s growth ambitions and ultimately generate long-term shareholder value".
Distell bought the almost 200-year-old Bisquit from Pernod Ricard in April 2009, paying €31m for it. Three months later, Distell paid €3m for a historic French chateau in Cognac, France, to be the new home of Bisquit.
Campari on Wednesday described the company it is buying, Bisquit Dubouché — established in 1819 by Alexandre Bisquit — as "located in the heart of the French city of Cognac".
"The brand offering includes a classic range of cognacs, namely Bisquit VS Classique, Bisquit VSOP, Bisquit Prestige and Bisquit XO, together with rare collections and limited editions, characterised by craft and unique features," Campari said in its press release.
"We are very pleased to have acquired Bisquit Cognac, as it gives us the opportunity to expand our offering into the premium and growing cognac category," Campari CEO Bob Kunze-Concewitz said in the statement.
"From a distribution standpoint we further strengthen our route-to-market, particularly in our recently established South African market, with potential upsides to further develop the newly acquired business internationally, particularly in the US and China, the key regions for the premium cognac category.
"Moreover we further increase our exposure to the premium on-premise distribution channel, across both developed markets and emerging markets," Kunze-Concewitz said.
Distell, whose brands include Klipdrift brandy and Savanna cider, said the disposal was part of its "strategic intent to focus on a core portfolio of categories, brands and assets that support the company’s growth ambitions and ultimately generate long-term shareholder value".
Distell bought the almost 200-year-old Bisquit from Pernod Ricard in April 2009, paying €31m for it. Three months later, Distell paid €3m for a historic French chateau in Cognac, France, to be the new home of Bisquit.
Campari on Wednesday described the company it is buying, Bisquit Dubouché — established in 1819 by Alexandre Bisquit — as "located in the heart of the French city of Cognac".
"The brand offering includes a classic range of cognacs, namely Bisquit VS Classique, Bisquit VSOP, Bisquit Prestige and Bisquit XO, together with rare collections and limited editions, characterised by craft and unique features," Campari said in its press release.
"We are very pleased to have acquired Bisquit Cognac, as it gives us the opportunity to expand our offering into the premium and growing cognac category," Campari CEO Bob Kunze-Concewitz said in the statement.
"From a distribution standpoint we further strengthen our route-to-market, particularly in our recently established South African market, with potential upsides to further develop the newly acquired business internationally, particularly in the US and China, the key regions for the premium cognac category.
"Moreover we further increase our exposure to the premium on-premise distribution channel, across both developed markets and emerging markets," Kunze-Concewitz said.
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