Beam Suntory Inc. today announced that it has entered into a definitive agreement to sell its Jerez-based brandy and sherry business to Emperador Inc., of the Philippines.
The agreement includes the Fundador, Harveys, Terry and Tres Cepas brands, as well as production operations in Jerez and Tomelloso, Spain.
The all-cash transaction was valued at 275 million Euros, or $291 million U.S.
“A recent review of our portfolio of brands and supply chain footprint led us to believe that our Spain-based brandy and sherry business could be of greater value to another company,” said Steve Fechheimer, Head of Strategy and Corporate Development at Beam Suntory.
Emperador Inc. is the world’s largest brandy producer through the Emperador brand.
“We are very excited about adding the iconic brands of Fundador (the Philippines’ premier imported brandy brand), Terry Centenario (Spain’s number one selling brandy), Tres Cepas (number one brandy in Equatorial Guinea) and Harveys (number one selling sherry wine in the United Kingdom) to the Emperador portfolio,” said Winston Co, President of Emperador Inc. “We look forward to continuing to invest behind the acquired brands, welcoming the transferring employees to Emperador and engaging with the local community.”
Beam Suntory was advised on this transaction by Rabobank (sole financial advisor), Uria Menendez (legal advisor) and Deloitte (accounting advisor). Emperador was advised on this transaction by Nomura (sole financial advisor), Allen & Overy (legal advisor) and KPMG (accounting advisor).
The post Beam Suntory Sells Sherry and Brandy Brands to Philippines Company first appeared on Beverage Dynamics.