William Grant & Sons has sold on its Carolans, Frangelico and Irish Mist liqueurs just a few months after acquiring the brands from cider maker C&C Group.
Italy’s Gruppo Campari paid €129m for the liqueurs, which cost William Grant €300m in July as part of a deal that also included Tullamore Dew, the world’s second largest brand of Irish whiskey.
William Grant, which controls the Glenfiddich brand of Scotch whisky, retains ownership of Tullamore Dew.
No job losses are expected to result from the sale as William Grant has signed a 10-year agreement with Campari to provide blending and bottling services for the liqueurs at its Clonmel facility in Scotland.
“Whilst Tullamore Dew was the key focus in our newly acquired portfolio, we always intended to develop the liqueur brands,” explained William Grant chief executive Stella David.
“However, we were offered a very attractive price from Campari and believe they will be able to develop these brands given their relevant expertise.”
First Drinks acquires C&C’s Irish portfolio (8 May 2010)
C&C sells spirits arm to William Grant (30 April 2010)