Nordic drinks firm Anora has announced that it plans to sell its Larsen cognac business to International Beverage Holdings Limited, a move that includes the Larsen, Renault, Monopol and Ibis brands.
The transaction will also see the company’s production site and eaux-de-vie maturation stock in Cognac, France, transfer to International Beverage.
The agreed sales price for the portfolio is €54.1 million, with the deal expected to close by the end of September 2023.
Focus On Hero Brands
“The change in ownership of Anora’s cognac business will enable us to generate funds and concentrate efforts on our chosen hero brands, Koskenkorva, Linie and Skagerrak, which are central to our international growth ambitions set out in our 2030 strategy," commented Pekka Tennilä, CEO of Anora.
"The Larsen team has done exceptionally good work in developing the brand and its impressive portfolio of products, setting it on a path for growth in USA and especially in Asia. In the hands of International Beverage, Larsen will have the attention and resources to take the next steps on its pioneering journey towards further growth and even greater success."
The decision to sell the business follows on from Anora announcing a strategic review last November. The sale will have a negative impact of around €6 million on Anora's net sales, and €2 million on comparable EBITDA.
Read More: Anora Sees Second-Quarter Sales Boosted By Globus Wine
About International Beverage
International Beverage is the international arm of Thai Beverage Public Company Limited, and the group is already the distributor for Larsen in China.
"The Larsen team’s dedication to excellence aligns perfectly with our ethos, and the quality of their portfolio is a perfect complement to our existing whisky, gin and rum brands," commented Malcolm Leask, managing director of International Beverage (UK). "This acquisition also marks the start of a new era for International Beverage, and a strategy that will see us add high quality brands across a range of categories and markets to take our business to the next level."
Anora will continue as the exclusive distributor of Larsen, Renault, Monopol and Ibis products in the Nordics and Baltics, including duty free and travel retail.
