Remy sells on Cognac Larsen after just six monthsBy Becky Paskin
Remy Cointreau has agreed to sell Larsen Cognac to Nordic wine and spirits group Altia just months after acquiring the business itself.
Cognac Larsen, known as the ‘Cognac of the Vikings’, was one of the last remaining independent producers of AOC Cognac.
In December 2012, Remy Cointreau announced its 100% acquisition of the company, which it described as having strong “inventories of aged eaux-de-vie which enables it to guarantee the quality of its production and optimise its purchasing power”.
However less than a year later, Remy Cointreau has sold the business to Altia as a going concern.
In a statement released this morning, Remy Cointreau said: “Rémy Cointreau announces that an agreement has been signed with the Nordic group Altia in respect of the transfer of Larsen Cognac, including the brand, industrial and commercial assets and inventories necessary for the entity to operate as a going concern.”
It added that the acquisition will enable Larsen to “benefit from Altia’s expertise as the leading Finnish wine and spirits company in the Nordic and Baltic countries, where Larsen has historically positioned itself as a key Cognac brand”.
Completion of the sale is subject to usual authorisation and expected to be made within three months.
Altia is a leading wine and spirits group in the Nordic and Baltic regions, with several own brands including Renault and Blossa, as well as an importing and distribution business. The group saw net sales rise by 7.6% in 2011, to €524.8m.