Finland-headquartered Anora Group has agreed a near-US$60m deal to divest its Larsen Cognac unit to International Beverage Holdings.
The transaction, for EUR54.1 [US$58.1m], sees the Larsen, Renault and Monopol Cognacs, as well as Ibis brandy, join Scotch whiskies Balblair and Old Pulteney on Interbev’s books. Anora, which last month lowered its profits guidance for full-year 2023, positioned the sale as a consolidation move to allow it to “concentrate efforts on our chosen hero brands, Koskenkorva [vodka], Linie [aquavit] and Skagerrak [gin]”.
Interbev, which is owned by Thai Beverage Public Co, will also assume ownership of Larsen’s production assets in the Cognac region. Anora, meanwhile, will retain the distribution rights for the four brands across the Nordic and Baltic markets.
The company added: “International Beverage will focus on strengthening Larsen’s position through its network of distribution partners globally with specific focus on key export markets in Asia, including China and Hong Kong where International Beverage owns a premium spirits distribution business, AsiaEuro International Beverage, through its joint venture.”
Larsen was founded in 1926 by Norwegian Jens Redar Larsen after he moved to southwest France. Anora estimates annual sales for the current business in the region of EUR6m.
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