Remy Cointreau has sold the entire share capital of Piper-Heidsieck to EPI.
The luxury brand of Champagne’s turnover was 103.6 million euro in the year up to March 31, 2011, which was an increase of 7.2%.
On top of the full payment of the debt owed to the Remy Cointreau Group by the companies sold – around 240 million euro – the French majestic liquor firm will receive a purchase price for the shares amounting to 146.3 million euro, with an immediate payment of 71.3 million euro.
Drinkshop favourite Remy Cointreau has granted a seller’s loan for a period of nine years for the portion of the shares not covered by the immediate payment.
EPI and Remy Cointreau have also signed a global distribution deal for the Piper-Heidsieck and Charles Heidsieck brands as well as for Piper Sonoma in the US.
Rémy Cointreau chief executive Jean-Marie Laborde said: “The sale is entirely consistent with the acceleration of our value strategy, which focuses on our international liqueurs and spirits brands and businesses. The proceeds of the sale will enable us to fund our development in major markets of today as well as in markets with strong potential for future growth.
“I am obviously very pleased that both our groups, Rémy Cointreau and EPI, wish to develop an efficient and productive distribution partnership.”