June 11, 2013
Rémy Cointreau has announced the sale of Larsen Cognac to Nordic group Altia less than a year after buying the brand out of family ownership.
The deal, which is expected to complete in the next three months, includes “the brand, industrial and commercial assets and inventories necessary for the entity to operate as a going concern.”
It is not clear from this statement how much of Larsen’s eaux-de-vie inventory will remain with Rémy Cointreau, which highlighted this asset as a particular attraction when it bought the business – at the time, one of the largest remaining family owned Cognac producers – last November.
Instead, Rémy focused on the strategic benefits for the “Viking Cognac” brand of being owned by a company based in one of Larsen’s biggest markets.
According to Rémy, “This acquisition will enable Larsen to benefit from Altia’s expertise as the leading Finnish wine and spirits company in the Nordic and Baltic countries, where Larsen has historically positioned itself as a key Cognac brand.”
In addition to owning its own brands such as Koskenkorva, Blossa and Renault, Altia also distributes a number of major international wine and spirits brands. These include Codorniu, Hardy’s, Nederberg, Robert Mondavi, Jack Daniel’s and Bowmore. In total, the Helsinki-based company reports annual net sales of €500 million.
Source: the drinks business