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Anora sells Larsen Cognac for €54m
ThaiBev’s International Beverage division will enter the Cognac category after agreeing to buy Anora’s Larsen brand for €54.1 million (US$58m).
The proposed deal includes Larsen’s production site and eau-de-vie maturation stock in Cognac, France, as well as Cognac brands Larsen, Renault, and Monopol, and Ibis brandy.
The move is part of International Beverage’s strategy to expand its premium spirits portfolio and ‘strengthen’ its global route to markets.
International Beverage is the global arm of Bangkok-headquartered Thai Beverage, one of the largest alcohol producers in Southeast Asia.
The firm’s portfolio includes Old Pulteney Scotch whisky, Caorunn Gin, Phraya rum, Mekhong Thai spirits, and Chang beer.
International Beverage seeks to bolster Larsen’s position through its network of distribution partners globally, focusing on export markets in Asia.
The company already distributes Larsen Cognac in China and Hong Kong through its subsidiary, AsiaEuro International Beverage (AIB).
According to IWSR data cited by the company, global sales of Cognac are expected to increase by a compound annual growth rate of 5% in volume and 7% in value between now and 2026.
International Beverage UK, managing director, Malcolm Leask, said: ”Cognac is one of the most dynamic categories in spirits today, and we are extremely proud to have such an admired brand and skilled production team joining our business.
”The Larsen team’s dedication to excellence aligns perfectly with our ethos, and the quality of their portfolio is a perfect complement to our existing whisky, gin, and rum brands.
”This acquisition also marks the start of a new era for International Beverage, and a strategy that will see us add high-quality brands across a range of categories and markets to take our business to the next level.”
Nordic drinks group Anora, which has owned Larsen Cognac since 2013, will continue to act as the exclusive distributor for the Larsen, Renault, Monopol, and Ibis brands in the Nordic and Baltic regions, including travel retail.
The transaction is expected to close by the end of September 2023.
Anora Group recently lowered its earnings before interest, tax, depreciation, and amortisation (EBITDA) guidance for 2023 to €70–€78m (US$77m-US$83m).
The group owns Koskenkorva Vodka and OP Anderson aquavit, among other brands.