Glenmorangie sells Scotch Malt Whisky Society to focus on its global brands
The Glenmorangie Company has sold the Scotch Malt Whisky Society to a group of private investors.
The terms of the deal have not been revealed, but Glenmorangie, which is owned by LMVH, said the change in management would allow the society to grow and flourish.
The move comes after the two management teams spent around six months reviewing different options for the society.There are around 30 different investors involved, Glenmorangie confirmd, but the management team of the Scotch Malt Whisky Society will remain the same.
"After careful consideration The Scotch Malt Whisky Society management team and The Glenmorangie Company have agreed to change the owner of The Society to a group of private investors," Paul Miles, managing director of The Scotch Malt Whisky Society said.
"We are confident the new group of private investors will help The Scotch Malt Whisky Society to thrive and grow."
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Marc Hoellinger, president and CEO of The Glenmorangie Company said both The Glenmorangie Company and the management of The Scotch Malt Whisky Society were committed to ensuring the ongoing success of The Society and explored a number of options for the business during a review process. "During this interest was sought from potential investors who would best serve the needs of The Society's members and staff, and who were committed to ensuring the long-term future growth of The Society."
He added that the decision would allow the company to focus its energies and efforts on developing its Glenmorangie and Ardbeg brands globally.
The Scotch Malt Whisky Society was founded in 1983 to bottle and offer a wide selection of single cask malt whiskies from 129 different distilleries, to its members. It has a presence in 17 countries worldwide. It was bought by the Glenmorangie Company is 2004.
In accounts filed at Companies House, The Scotch Whisky Society reported an operating profit of £578,699 in 2013 compared to £561,138 the previous year, on the back of strong international growth.
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