EPI has assumed control of the champagne operations in Reims and Piper Sonoma - the sparkling wine brand in the US - for an ‘enterprise value’ of €412.2m after entering into negotiations earlier this year.
The deal has seen the full payment of debt owed to Rémy Cointreau by the companies sold – said to be around €240m - and a purchase price for the entire share capital of €146.3m, €71.3m of which will be paid immediately.
A ‘seller’s loan’ over a period of nine years has been agreed for the payment of remaining shares.
Rémy Cointreau and EPI have signed a global distribution agreement for the Piper-Heidsieck and Charles Heidsieck brands, and for Piper Sonoma in the US.
Jean-Marie Laborde, chief executive of Rémy Cointreau said: “The sale is entirely consistent with the acceleration of our value strategy, which focuses on our international liqueurs and spirits brands and businesses.
“The proceeds of the sale will enable us to fund our development in major markets of today as well as in markets with strong potential for future growth.”
Christopher Descours, chairman of EPI said: “They [Piper-Heidsieck and Charles Heidsieck] perfectly complement our other French luxury goods brands, which include JM Weston, Alain Figaret and Bonpoint.
“Given the very favourable environment for the champagne market, this acquisition represents an exceptional opportunity.
“The quality of the financial transaction, the support of our wine-making partners and our staff, as well as the distribution agreement with Rémy Cointreau, will guarantee our success in the future.”
