Rémy Cointreau (REMYF.PK), a French Wine & Spirits company, announced Friday that it has reached an agreement with Lucas Bols N.V., the world's oldest distilled spirits brand dating back to 1575. The agreement is for the formation of a joint venture which will operate and further develop the global activities of the Passoã brand.
The transaction is expected to close before the end of calendar 2016.
Rémy Cointreau will contribute the full Passoã activities, including distribution, manufacturing, trademarks and inventory. Meanwhile, Lucas Bols will contribute both its know-how and expertise in the liqueur and cocktail business, as well as working capital.
Lucas Bols will assume operational and financial control of the joint venture. Rémy Cointreau will deconsolidate Passoã activities as a Group brand from its financials. In due time, Lucas Bols could acquire all shares held by Rémy Cointreau in the joint venture.
Huub van Doorne, CEO Lucas Bols, said, "With Passoã we add an iconic premium brand to our global brands portfolio, strengthening our position in several of our core markets while utilization of our existing distribution network will be enhanced. Furthermore, we see ample opportunities to grow the Passoã brand in a number of markets, including the US."
For comments and feedback: editorial@rttnews.com