Brown-Forman Corporation has announced that it has reached an agreement to sell its Early Times, Canadian Mist, and Collingwood whiskey brands to the Kentucky-based distiller Sazerac Company.
The deal will also include the production facility for Canadian Mist whiskey.
The move is a part of the company’s strategy to focus on managing its portfolio of premium brands by developing, acquiring, and divesting various businesses and brands.
Lawson Whiting, president and chief executive officer of Brown-Forman Corporation, said, “Early Times and Canadian Mist have been valued brands in our portfolio for many years, and they each have played significant roles in our company’s history.”
“We are thankful to all the people who have distilled, bottled, shipped, marketed, and distributed these brands with care over the years.”
The company did not reveal the value of the deal, which is expected to close later this summer.
Early Times, which is celebrating its 160th anniversary this year, was the first brand Brown-Forman purchased in 1923, the company said.
In 1971, the company acquired Canadian Mist, which was also its first production operations outside of the United States.
“We are delighted to acquire such iconic brands as well as the Canadian Mist Distillery,” said Mark Brown, president and chief executive officer, Sazerac Company.
“Brown-Forman has done an excellent job building these brands over the years and we expect to invest in the brands and grow their sales in the coming years.”