PARIS--(BUSINESS WIRE)--
Regulatory News:
The Rémy Cointreau Group (Paris:RCO) today announces it has reached an agreement with Lucas Bols N.V., regarding the formation of a joint venture which will operate and further develop the global activities of the Passoã brand.
Rémy Cointreau will contribute the full Passoã activities, including distribution, manufacturing, trademarks and inventory, while Lucas Bols N.V. will contribute both its know-how and expertise in the liqueur and cocktail business, as well as working capital.
Lucas Bols N.V. will assume operational and financial control of the joint venture. Thus, Rémy Cointreau will deconsolidate Passoã activities (as a Group brand) from its financials. In due time, Lucas Bols N.V. could acquire all shares held by Rémy Cointreau in the joint venture.
The transaction is expected to close before the end of calendar 2016.
Huub van Doorne, CEO Lucas Bols: “We are delighted to have the opportunity to further build the Passoã brand, a brand I have been acquainted with for the past 25 years. With Passoã we add an iconic premium brand to our global brands portfolio, strengthening our position in several of our core markets while utilization of our existing distribution network will be enhanced. Furthermore, we see ample opportunities to grow the Passoã brand in a number of markets, including the US. Passoã will benefit from our strategic focus, as a key brand in our global brands portfolio. The chosen transaction structure allows for a smooth transition while maintaining a prudent financing structure. With Passoã we are consolidating a high cash generative business, enabling us to capitalize on future growth opportunities. Adding the Passoã brand to our platform allows us to demonstrate how we can increase our operational leverage and thereby create shareholder value.”
Valérie Chapoulaud-Floquet, CEO of Rémy Cointreau adds: “Rémy Cointreau and Lucas Bols have had a long history of business partnerships and this joint venture is a new milestone in this fruitful relationship. The Rémy Cointreau Group always strives to do what is best for its brands, and we are confident that the Passoã brand will thrive and show its full potential under the management of Lucas Bols. Besides, the creation of this joint venture enables Rémy Cointreau to accelerate its refocus on its portfolio of exceptional spirits, which is at the core of the Group’s strategy.”
About Rémy Cointreau
The Rémy Cointreau Group is a leading operator in the global Wine & Spirits market with sales of €1,050.7 million for the year ended 31 March 2016 and approximately 1,800 employees. Rémy Cointreau, whose origins in the Charente region date back to 1724, is the result of the merger in 1990 of the holding companies of the Hériard Dubreuil and Cointreau families, which controlled E. Rémy Martin & Cie SA and Cointreau & Cie SA respectively.
It owns a portfolio of global, upmarket brands, including the Rémy Martin and Louis XIII cognacs, the Cointreau liqueur as well as the Metaxa, Mount Gay, St-Rémy, Bruichladdich, Port Charlotte, Octomore and The Botanist spirits.
Rémy Cointreau is listed on NYSE Euronext Paris.
About Lucas Bols
Lucas Bols is the world’s oldest distilled spirits brand and one of the oldest Dutch companies still in business. Building on its more than 440 year-old heritage dating back to 1575, the company has mastered the art of distilling, mixing and blending liqueurs, genever, gin and vodka. Lucas Bols owns a portfolio of more than 20 premium and super premium brands of different spirits used in cocktail bars worldwide. Its products are sold in more than 110 countries around the world. Lucas Bols has been listed on Euronext Amsterdam (BOLS) since 4 February 2015,
Lucas Bols holds the number one position in liqueur ranges worldwide (outside the USA) and is the world’s largest player in the genever segment. Many of Lucas Bols’ other products have market or category-leading positions. Furthermore, Lucas Bols is a leading player in the bartending community. Through the House of Bols Cocktail & Genever Experience and Europe’s largest bartending school, the Bols Bartending Academy, the company provides inspiration and education to both bartenders and consumers.
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