Pernod Ricard Sells Tia Maria to Illva Saronno for € 125 million

The sale of Tia Maria together with other disposals completed since the acquisition of Vin & Sprit in July 2008 enables Pernod Ricard to continue its debt reduction program having achieved disposals totalling in excess of € 700 million.

28 Jul 2009 Pernod Ricard has announced the disposal of Tia Maria coffee liqueur to Illva Saronno for a cash consideration of € 125 million on a cash free / debt free basis. The transaction signed and the cash consideration was paid simultaneously on July 27, 2009.

The sale of Tia Maria together with other disposals completed since the acquisition of Vin & Sprit in July 2008 enables Pernod Ricard to continue its debt reduction program having achieved disposals totalling in excess of € 700 million. In April, the French group agreed to sell its Wild Turkey bourbon to Italy's Campari for $575 million.

I.L.L.V.A. Saronno Holding S.p.A., wholly owned by the Reina family, is one of the European leaders on the spirits and wine markets. In particular, the Group manufactures and markets in more than 150 countries the world’s best selling Italian liqueur: Disaronno Originale. Other brands marketed by the group include Rabarbaro Zucca, Amaro 18, Artic Vodka (in the spirits sector) and Vini Corvo, Cantine Florio, Duca di Salaparuta (in the wine sector).

Chivas Brothers Limited has been appointed to produce Tia Maria for Illva Saronno. Pernod Ricard, the world's second-largest spirits group behind Diageo, said it would continue to distribute Tia Maria during a transition period and negotiate longer-term distribution contracts in certain markets. Pernod Ricard Argentina will produce and distribute the liqueur in Argentina, Pernod Ricard reported.