Rémy Cointreau to acquire Bruichladdich23 July 2012
Rémy Cointreau will acquire Scottish whisky distiller Bruichladdich later this summer in a £58 million deal.
Earler this month, Rémy Cointreau said that it was in "exclusive negotiations" with owner Murray McDavid to buy the Islay-based premium Single malt whisky distiller. The French spirits firm will pay £48 million for Bruichladdich and assume £10 million of debt.
Mark Reynier, Bruichladdich's managing director said that the deal represents seven-times the initial share price.
“The acquisition of Bruichladdich, a renowned Islay single malt with a rich and exciting heritage, is a great opportunity to enrich our high-end portfolio of brands and to confirm our strategy in the spirits luxury segment," said Jean-Marie Laborde, Rémy Cointreau's chief executive.
"We expect Bruichladdich to sit proudly alongside our other brands and we look forward to working closely with Bruichladdich’s experienced and passionate management team”.
SirJohn Mactaggart, Bruichladdich's chairman added: “This is an excellent transaction for Bruichladdich, the Islay community and a wonderful opportunity for the company to reach its full potential, under the stewardship of Rémy Cointreau with their strong distribution network and their experienced brand development.
"I’m confident that Bruichladdich will establish itself as one of the Scotch whisky industry’s best known and acclaimed premium brands.”
Completion of the transaction is expected to occur within 6 weeks.
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