Distell, Africa’s leading producer of premium wines, spirits ciders and ready-to-drinks (RTDs), today entered into a definitive agreement to sell its cognac business, Bisquit Dubouche et Cie (Bisquit), to Campari Group for € 52.5 million (approx R800m).
Under the terms of the agreement, Campari Group, one of the largest spirit groups in the world, will acquire all the shares in Bisquit, as well as existing stock, maturing inventory, the trademarks as well as production facilities consisting of warehouses, blending cellars and a bottling plant.
The brand offering includes a classic range of cognacs, namely Bisquit V.S. Classique, Bisquit V.S.O.P., Bisquit Prestige and Bisquit X.O., together with rare collections and limited editions.
Established in 1819 by Alexandre Bisquit, the Bisquit Cognac brand is renowned for its excellence, thanks to its unique distillation process that allows a superior concentration of aromas and smoothness.
The brand’s key markets include South Africa, Belgium and Switzerland.
Speaking after the announcement, Richard Rushton, Distell’s Managing Director said the Bisquit brand remained strong and well positioned for long-term growth.
“Distell’s decision to sell the business is driven by our strategic intent to focus on a core portfolio of categories, brands and assets that support the company’s growth ambitions.
“The sale will ensure the assets within our portfolio align with our strategy and generate long-term shareholder value. The disposal of Bisquit will allow us to focus our efforts on accelerating our growth in key product categories and markets where we believe we can deliver more attractive returns and deliver on our growth aspirations,” said Rushton.
The deal is expected to close during the first quarter of 2018.
About Distell
- Distell is Africa’s leading producer of spirits, wines, ciders and ready-to-drinks (RTDs) .
- Distell is the world's second biggest producer of ciders, the sixth biggest producer of brandies and the 12th biggest producer of wines.
- The company employs nearly 5 000 people worldwide.
For more about Distell visit: www.distell.co.za