Anora Group has completed the sale of its Larsen cognac business
Anora Group Plc Stock exchange release 29 September 2023 at 2.00 p.m. EEST
Anora Group has completed the sale of its Larsen cognac business
Anora Group has completed the sale of its Larsen cognac business to International Beverage Holdings Limited announced on 6 September 2023. The divestment includes Anora’s brands Larsen, Renault, Monopol and Ibis as well as the company’s subsidiary Larsen S.A.S. with its production site in Cognac, France, and Anora’s eaux-de-vie maturation stock. Anora will continue as the exclusive distributor of Larsen, Renault, Monopol and Ibis products in the Nordics and Baltics, including duty free and travel retail. Anora employs 22 professionals in Cognac, France.
In line with Anora’s 2030 growth strategy, the divestment of the cognac business enables Anora to strengthen its focus on its key hero brands supporting its long-term goal of above-market growth in spirits.
The agreed sales price is EUR 58.5 million paid at closing on 29 September 2023, and subject to post-closing adjustments. As announced earlier, Anora estimates that the transaction will have annual negative impacts of approximately 6 MEUR on Anora’s net sales and EUR 2 million on comparable EBITDA. Anora will report the one-time capital gain of approximately EUR 13 million under other operating income in its Q3/2023 interim report on 9 November 2023. The guidance published by Anora on 15 August 2023 will remain the same.
Anora Group Plc
Pekka Tennilä, CEO
Distribution:
Nasdaq Helsinki Ltd
Principal media
www.anora.com
Contacts:
Milena Hæggström
Director, Investor Relations
milena.haeggstrom@anora.com
Tel. +358-40 5581 328
Anora is a leading wine and spirits brand house in the Nordic region and a global industry forerunner in sustainability. Our market-leading portfolio consists of our own iconic Nordic brands and a wide range of prominent international partner wines and spirits. We export to over 30 markets globally. Anora Group also includes Anora Industrial and logistics company Vectura. In 2022, Anora’s net sales were EUR 703 million and the company employs about 1,200 professionals. Anora’s shares are listed on Nasdaq Helsinki.