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Hine Cognac sold to French group EDV SAS
CL World Brands has sold Hine Cognac for an undisclosed sum to French group EDV SAS after the Cognac house spent five months on the market.
Hine Cognac has been sold to EDV SAS just as the brand celebrates its 250th anniversary this year
Hine, the only Cognac producer to possess a UK Royal Warrant, was initially put up for sale in April this year by UK-based CL World Brands, a subsidiary of Caribbean group CL Financial Ltd.
While the sum of the transaction is officially undisclosed, local reports put the sale to EDV SAS at between €40-60 million.
“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,” EDV SAS said in a statement.
Hine is the second CL World Brands business to be sold off this year, following the sale of Burn Stewart Distillers to South African drinks group Distell for £160m (R2.2 billion) in April.
CL World Financial is currently under the control of Trinidad & Tobago’s government following a liquidity crisis in 2009. Last year the group sold its majority stake in Lascelles de Mercado, producer of Appleton Estate rum, to Campari.
Hine’s portfolio includes a collection of vintage Grande Champagne Cognacs, H By Hine, Rare VSOP, Homage, Triomphe and Antique XO 1er Cru.