Edrington takes control of Middle East unit
Edrington has become the sole shareholder in its Edrington Fix Middle East (EFME) unit after buying out joint venture partner FIX Wines & Spirits.
EFME was established in 2013 as a 50/50 joint venture between The Famous Grouse producer Edrington and Cyrus-based holding company FIX Wines & Spirits, focusing on the sale, marketing and exclusive distribution of spirits and wines.
Edrington has now acquired FIX’s 50% equity in the business for an undisclosed sum.
The firm said the while this move “does not trigger any significant change”, Igor Boyadjian, EFME managing director and one of FIX’s partners, will leave his role as managing director and will be replaced by Martin Murdoch, currently regional director Russia, Emerging Europe and Turkey at Edrington.
Boyadjian will “oversee the transition” and remain in an advisory role until the end of 2016.
He said: “The EFME partnership has been a very positive one for all parties involved and the business has gone from strength to strength. It has become a very professional and skilled organisation, with the ability to deliver and make a difference in a highly competitive and volatile environment.
“It was therefore a good time for both shareholders to review their long term commitment to the business and discuss control of the vehicle. I have therefore decided to pass the baton to Edrington in order to pursue other interests, ending a fantastic journey initiated with FIX back in 2005.
“I know the business, our team and our brand partners are in good hands, and that under Edrington’s guidance, the business will continue to strive for excellence and further success.”
Stewart MacRae, regional managing director for Russia, emerging Europe, Middle East, Africa and Turkey at Edrington, added: “We have worked closely with Igor and his team for nearly eight years, first as a third party distributor and then in our joint venture.
“The partnership between Edrington and Fix has been very successful and the business has grown strongly. There is a great team of people in the Edrington Fix business and we look forward to further success as we grow the business together.”