Pernod Ricard sells Tia Maria to Illva Saronno – 27/07/09
Source: ©The Moodie Report
By Mary Jane Pittilla, Brands Editor
Sold: The Tia Maria coffee liqueur brand
FRANCE. Pernod Ricard has sold its Tia Maria coffee liqueur brand to Illva Saronno for €125 million on a cash free/debt free basis. The transaction was signed and the cash consideration was paid simultaneously today (27 July).
The sale of Tia Maria, together with other disposals completed since the acquisition of Absolut vodka producer Vin & Sprit in July 2008, enables Pernod Ricard to continue its debt reduction programme, having achieved disposals totalling in excess of €700 million, the French drinks group said.
As part of the transaction:
– Chivas Brothers Limited has been appointed to produce Tia Maria for Illva Saronno;
– Arrangements have been made for short-term transitional distribution services to be provided by Pernod Ricard affiliates;
– Some longer-term distribution agreements will be entered into in certain markets;
– Pernod Ricard Argentina has been appointed to produce and distribute the brand in Argentina.
About ILLVA Saronno Holding
ILLVA Saronno Holding SpA, wholly owned by the Reina family, is one of the European leaders on the spirits and wine markets. The group manufactures and markets the best-selling Italian liqueur Disaronno Originale in more than 150 countries. Other brands marketed by the group include Rabarbaro Zucca, Amaro 18 and Artic Vodka in the spirits sector and Vini Corvo, Cantine Florio and Duca di Salaparuta in the wines sector.
About Pernod Ricard
Pernod Ricard is one of the world’s leading wines and spirits companies with sales of €6,589 million in 2007/08. The group owns Ballantine’s, Chivas Regal and The Glenlivet Scotch whiskies; Absolut vodka; Ricard pastis; Jameson Irish whiskey; Martell Cognac; Havana Club rum; Beefeater gin; Kahlúa and Malibu liqueurs; Mumm and Perrier-Jouët Champagnes; and Jacob’s Creek and Montana wines.
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