Rémy Cointreau completes the disposal of Bols
Mr Huub van Doorne, who was a member of Rémy Cointreau’s Management Board until September 2004, will manage the new entity.
13/03/06 The Rémy Cointreau Group announces that in conjunction with the European investment fund ABN AMRO Capital, together with Mr Huub van Doorne, it has completed the previously announced disposal of a number of Dutch liqueur and spirit brands. These include Bols, Bokma, Coebergh, Corenwyn and Pisang Ambon, as well as the Italian liqueurs Galliano and Vaccari.
Mr Huub van Doorne, who was a member of Rémy Cointreau’s Management Board until September 2004, will manage the new entity. He will be in charge of brands that he knows well as he was involved in their development over a number of years.
The scope of the disposal includes the 33% held by Rémy Cointreau in Avandis, the Bols joint venture production unit in the Netherlands. Distribution of the brands that have been sold will continue to be handled in the majority of international markets by the Maxxium network or Rémy Cointreau’s distribution subsidiaries.
The nominal value of the transaction is €210 million with an initial cash payment of €170 million, together with a vendor loan. In the 2005/06 financial year the brands that have been sold represent turnover of approximately €65 million, excluding operations under licence.
Subject to the approval of the competition authorities in the relevant markets, this transaction will be completed in April 2006.
This disposal is in line with the acceleration of the Group’s value strategy, which now aims to refocus on key international brands, in world markets with great potential such as the US, Asia and global travel retail.
