Rémy Cointreau sells Piper Heidsieck to EPI for €412 million
Rémy Cointreau has finalised the sale of its Champagne division Piper-Heidsieck to EPI for €412 million.
Rémy Cointreau has finalised the sale of its Champagne division Piper-Heidsieck to EPI for €412 million.
The Champagne division, which includes the Reims operation made up of the Piper-Heidsieck and Charles Heidsieck brands as well as Piper Sonoma, the US sparkling wine brand, turned over €103.6 million in the year ended 31 March 2011, an increase of 7.2% on the previous year.
In addition to the full payment of the debt owed to the Rémy Cointreau Group by the companies sold (approximately €240 million), the Group will receive, after taking into account some adjustments already agreed among the parties, a purchase price for the shares amounting to €146.3 million including an immediate first payment of €71.3 million.
Rémy Cointreau has granted a seller's loan for a period of nine years for the portion of the price of the shares not subject to immediate payment.
In addition, Rémy Cointreau and EPI have signed a global distribution agreement for the Piper-Heidsieck and Charles Heidsieck brands, as well as for Piper Sonoma in the US.
The sale should complete at the beginning of this summer.
Jean-Marie Laborde, chief executive of Rémy Cointreau, said: "The sale is entirely consistent with the acceleration of our value strategy, which focuses on our international liqueurs and spirits brands and businesses. The proceeds of the sale will enable us to fund our development in major markets of today as well as in markets with strong potential for future growth."
Christopher Descours, chairman of EPI, added the two new Champagne houses "perfectly complement our other French luxury goods brands, which include JM Weston, Alain Figaret and Bonpoint".
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