Source — GlobalData
Edrington has agreed to sell Scotch whisky brand The Famous Grouse to Glenfiddich owner William Grant & Sons.
The deal, which remains subject to regulatory approval, also includes Naked Malt Scotch whisky.
In a brief statement issued this afternoon (23 September) UK time, Edrington said the disposals – through its the 1887 Company subsidiary – are “the next stage of the company’s mission to be the world’s best at crafting exceptional ultra-premium spirit brands”.
Edrington’s brand portfolio includes the whiskies The Macallan and The Glenrothes, as well as Brugal rum and Wyoming whiskey.
CEO Scott McCroskie added: “This decision is driven by our strategy to focus on our core strengths and the growth opportunities in the ultra-premium spirits category. We consider this the right moment for Edrington to exit the blended Scotch category and focus on our core portfolio of ultra-premium spirit brands.”
Just Drinks approached Edrington for further details but the company declined to comment further.
William Grant’s range includes Scotch whiskies such as Glenfiddich, Grant’s and The Balvenie.
The company also has a presence in gin, rum, Irish whiskey and liqueurs through Hendrick’s, Sailor Jerry, Tullamore Dew and Drambuie.
In a statement, a spokesperson for William Grant & Sons said: “Having been around for over 125 years, The Famous Grouse has a rich history and would be a significant addition to our portfolio. The brand has potential for innovation and international growth in a number of markets and we’re excited about what the future holds.”
In September last year, William Grant snapped up UK gin and vodka maker Silent Pool Distillers.
Two months later, the company hired Heineken executive Søren Hagh as its chief executive.
In July, Edrington reported a 4.5% rise in revenue to £1.33bn ($1.77bn) in the year to the end of March.
The company said its “core” revenue – which it described as revenue “from our sales of continuing Edrington branded products on a constant currency basis” – increased 11% to £1.17bn.
Operating profit stood at £436.1m, versus £405.2m a year earlier. Profit for the financial year attributable to the owner was £164m, against £181.8m in the previous 12 months.