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Pernod Ricard sells Glenallachie
Posted on Thursday, 13 July 2017 14:09
Pernod Ricard’s Chivas Brothers arm is selling the Glenallachie Distillery to a consortium of whisky entrepreneurs which includes Billy Walker, who sold the BenRiach Distillery to Jack Daniel’s Brown-Forman last year for GBP 285.00 million.
The French wine and spirit giant noted the deal includes the Glenallachie single malt brand, MacNair’s and White Heather blended scotch labels, and relevant inventories to support future development of these banners.
Pernod Ricard is streamlining assets to focus on its mainstay business and the deal comes less than four months after it handed off its Domecq brandies and wines to Bodega Las Copas for EUR 81.00 million as part of this strategy.
Walker is well-known within the whisky industry, having spent time at Inver House Distillers and Burn Steward and, more recently, taking over the mothballed BenRiach facility in 2004 in conjunction with two South African partners.
Together they got the company up and running and boosted turnover from GBP 4.62 million in 2005, being the first full year’s figures, to GBP 41.50 million before the sale of the whisky producer to Brown-Forman.
Walker has teamed up with Graham Stevenson, who is the managing director of Inver House Distillers, and Trisha Savage, who has previously worked at both Burn Stewart and BenRiach, on the acquisition of the Glenallachie Distillery.
Financial details of the deal have not been disclosed and completion is due by the end of the year, subject to the usual conditions and regulatory approvals.
The value of global mergers and acquisitions targeting distilleries in the first half of 2017 has already exceeded that of previous periods and was the highest since H2 2015, according to Zephyr, the M&A database published by Bureau van Dijk.
Zephyr shows the largest of 2017 to date is currently Diageo’s planned purchase of Casamigos Tequila for USD 1.00 billion.
© Zephus Ltd