Spirits maker Lucas Bols has purchased the remaining shares in the Passoã joint venture held by Rémy Cointreau for €71.3 million.
The Passoã joint venture was formed in December 2016 between Lucas Bols and Rémy Cointreau, in order to operate and further develop the passionfruit-flavoured liqueur brand in France and international markets.
As part of the agreement, Rémy Cointreau was responsible for the distribution, manufacturing, trademark and inventory of the brand, while Lucas Bols contributed its ‘expertise’ in the liqueur and cocktail business, as well as working capital.
Meanwhile, Lucas Bols took operational and financial control of the joint venture and consolidated Passoã’s results within its financial reports. Since then, Passoã has been a part of the Dutch company’s portfolio of spirit brands including Bols Liquers, Damrak Gin and Vaccari.
At the time of the agreement, it was announced that Lucas Bols could eventually acquire all shares held by Rémy Cointreau and take full ownership of the joint venture.
According to Rémy Cointreau, the divestiture is consistent with its brand elevation strategy. Earlier this year, the French business acquired a majority stake in champagne producer, Champagne J. de Telmont.
Huub van Doorne, CEO of Lucas Bols, said: “We are very pleased with the completion of the transaction and I would like to thank Rémy Cointreau for the pleasant and constructive cooperation during the past four years.
“In December 2016 we added Passoã, a truly iconic brand, to our portfolio, and we have nurtured the brand from the first day onwards. The brand successfully drives the Porn Star Martini trend, the number one cocktail in the UK.
“Also, Passoã’s fresh mixed-drink proposition is contributing to the brand’s success in combination with the expansion of distribution. All in all, Passoã fully delivered on its promise and we look forward to further fuelling its success.”
By Emma Upshall
Source: foodbev.com
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