William Grant & Sons Sells Liqueur Business to Gruppo
Premium spirits business and independent family distillers, William Grant & Sons has today entered into a binding agreement to sell its three recently acquired liqueur brands Carolans, Frangelico and Irish Mist following a compelling offer of €129 million from Gruppo Campari. The sale will be completed on 1 October 2010.
William Grant & Sons remains committed to making a significant investment in Ireland and to investing in the long-term value growth of Tullamore Dew Irish Whiskey, which is one of the Company’s core global brands.
There will be no job losses as a result of the transaction and bottling operations at William Grant & Sons’ Clonmel site will be unaffected because Gruppo Campari has signed a 10 year manufacturing services agreement for William Grant & Sons to provide blending and bottling services for the liqueur brands in Clonmel.
Speaking from William Grant & Sons’ newly established office in Dublin, Chief Executive Stella David commented: “We remain committed to building our business in Ireland and to building the long-term value of Tullamore Dew around the world. Whilst Tullamore Dew was the key focus in our newly acquired portfolio, we always intended to develop the liqueur brands. However, we were offered a very attractive price from Gruppo Campari and believe they will be able to develop these brands given their relevant expertise.
“This is a great deal and will allow us to focus efforts on developing Tullamore Dew into a truly global Irish whiskey brand and operate in a dynamic and growing category which will help to secure the future of operations in Clonmel and Dublin for years to come,” added David.
Underlining its commitment to investing in Ireland, William Grant & Sons recently announced the set up of its Global Marketing Office in Dublin to handle the global marketing of its non-Scotch portfolio of core brands, including Tullamore Dew, Hendrick’s Gin and Sailor Jerry.