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Pernod completes €81m brandy sale
Pernod Ricard has completed the sale of its Domecq brandy and wine business to a joint venture held by Emperador and González Byass for €81 million (US$86m).
Pernod Ricard is refocusing its strategic efforts on ‘priority’ brands
The French drinks group reached an agreement with JV Bodega Las Copas to offload its Domecq unit at the end of last year.
The transaction includes Mexican brandies Don Pedro, Presidente and Azteca de Oro, as well as a winery in Ensenada. It also includes inventories related to the Domecq brands in several markets, namely Spain, the US, Belgium and the Netherlands.
The sale is in line with Pernod Ricard’s strategy to streamline its portfolio and focus on ‘priority’ brands.
In 2015, US-based Beam Suntory sold its Jerez-based brandy and Sherry business to Emperador for €275m (now US$293m). The sale included the Fundador, Harveys, Terry and Tres Cepas brands, as well as production operations in Jerez and Tomelloso, Spain.
Emperador, the world’s largest brandy producer, is the liquor unit of Philippines conglomerate Alliance Global Group, owned by billionaire Andrew Tan. González Byass is a family-owned winery that creates both wine and spirits.