Pernod Ricard has sold off two more of its non-core spirits brands, this time in the Irish whiskey category.
Dublin-based Cobblestone Brands confirmed today (24 July) that it has acquired the Clontarf and Knappogue Castle brands from their former owner for an undisclosed sum. A spokesperson for Pernod Ricard confirmed the news when contacted by Global Drinks Intel.
The transaction comes barely 24 hours after the Jameson owner announced the sale of grain whisky Imperial Blue to Tilaknagar Industries in India. The pair were absorbed into the group’s Irish whiskey stable six years ago through the purchase of Castle Brands and its Jefferson’s American whiskey mark, for US$223m.
“This divestment aligns with our business strategy to focus on our core Irish whiskey portfolio and accelerate growth in key areas,” said Nodjame Fouad, the CEO of Pernod Ricard’s Irish Distillers division. “We are confident that Cobblestone Brands will further develop and expand their market presence, and we extend our best wishes for their future success.”
Cobblestone, which is headed up by the founder of Irish whiskey Glendalough (now owned by Mark Anthony Brands International), Brian Fagan, also owns Mauritian rum Star & Key and Four Corners American gin.
“Despite near-term industry challenges, this is a time to invest in quality, authenticity, and long-term brand building,” Fagan said. “Knappogue Castle and Clontarf have a strong foundation, and we see enormous opportunity to re-energise and grow them in both established and emerging markets.”
In March, Irish Distillers implemented a pause on production at its Midleton distillery in the south-west of Ireland, “to support the sustainable global growth of its portfolio of Irish whiskeys”.
