Pernod-Ricard-majority-owned Corby Spirit & Wine has sold the Lamb’s rum brand and “certain assets” to Phildan and Compagnie Financière Européenne de Prise de Participation (COFEPP) for CAD$39.2m (US$27.8m).
Under the agreement, Quebec-based Phildan has acquired the North American rights to the brand while COFEPP – owner of La Martiniquaise Bardinet – has scooped rights to the brand in “the rest of the world”. The brand will be housed under Phildan’s subsidiary Maison des Futailles in the US, and LMB’s Glen Turner Co division outside of the US.
“The sale of Lamb’s is a disciplined portfolio management decision that supports Corby’s long-term strategy,” said Corby CEO Florence Tresarrieu. “It allows us to further focus our resources on higher-priority categories, strengthen our financial position, and continue investing behind the brands and innovations that will drive Corby’s next chapter of growth.”
Global Drinks Intel has contacted Pernod Ricard and Corby for further detail about which assets have been sold under the deal. Pernod Ricard became the majority shareholder of Corby in 2005, after acquiring previous parent company Allied Domecq.
In June, Pernod Ricard’s unit in Argentina agreed to sell Bodega Etchart to domestic food-and-beverage manufacturer Molinos Río de la Plata, 30 years after buying the wine business.
