Pernod Ricard increases its stake in Sovereign Brands
Reuters
Published Oct 13, 2022 16:32
Updated Oct 13, 2022 16:46
PARIS (Reuters) - French spirits group Pernod Ricard (EPA:PERP) said on Thursday it will "significantly" increase its minority stake in New-York luxury wine and spirits company Sovereign Brands, producer of Caribbean Bumbu rum. Financial terms were not disclosed.
Pernod Ricard said that once it closes the deal, which it expects to do in November, it will fully consolidate Sovereign Brands in its financial statements. This will be accretive on its operating margin.
"The accretive effect on Pernod Ricard’s profit from recurring operations is estimated to around 3% on a full-year basis," a note in the statement specified.
Sovereign Brands is a family company founded by brothers Brett and Brian Berish, which has developed a portfolio that includes Caribbean rum brand Bumbu, French super premium sparkling wine Luc Belaire, Brazilian gin McQueen and the Violet Fog and the French liqueur Villon.
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Written By: Reuters
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