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Remy Cointreau and Lucas Bols establish Passoa liqueur brand JV

Published 17 October 2016

Remy Cointreau and Lucas Bols have agreed to create a joint venture (JV) operate and further develop the worldwide activities of the Passoã liqueur brand.

As per the deal, Remy Cointreau will take care activities such as manufacturing, distribution, trademarks and inventory.

Lucas Bols will provide working capital, along with its expertise in the liqueur and cocktail business.

The operations and financial control will be taken care of by Lucas Bols. Henceforth, Remy Cointreau will deconsolidate Passoa’s financial activities.

Lucas Bols CEO Huub van Doorne 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. Passoã will benefit from our strategic focus, as a key brand in our global brands portfolio. The chosen transaction structure allows for a smooth transition while maintaining a prudent financing structure.

“With Passoã we are consolidating a high cash generative business, enabling us to capitalize on future growth opportunities. Adding the Passoã brand to our platform allows us to demonstrate how we can increase our operational leverage and thereby create shareholder value.”

It is also mentioned that in the future, Lucas Bols could acquire all the shares of Remy Cointreau in the joint venture. The joint venture transaction could come to a close before the end of this calendar year.

Rémy Cointreau CEO Valérie Chapoulaud-Floquet said: “Rémy Cointreau and Lucas Bols have had a long history of business partnerships and this joint venture is a new milestone in this fruitful relationship.

"The Rémy Cointreau Group always strives to do what is best for its brands, and we are confident that the Passoã brand will thrive and show its full potential under the management of Lucas Bols.

"Besides, the creation of this joint venture enables Rémy Cointreau to accelerate its refocus on its portfolio of exceptional spirits, which is at the core of the Group’s strategy.”