April 4 - Imperial Brands, Inc., Belvedere's US subsidiary, today announced the sale of its Vinegar & Cooking Wine assets. These assets were acquired in April 2007 by Belvedere as part of the acquisition of the assets of Florida Distillers. Following a competitive auction, the offer of Mizkan - a Japanese group - was selected. The sale has been completed today, April 3rd, 2008 for total net proceeds of US$30 million.
The Vinegar & Cooking Wine business sold to Mizkan generated revenues of $23.8 million in FY2007. It will be excluded from the consolidated financial statements as of April 1st, 2008.
With this announcement, Belvedere has achieved another step towards its strategy of refocusing on its core spirits business and reducing its debt. This transaction will also enable Belvedere to facilitate its development in the US market on the back of the strong commercial success of its leading premium vodka brand: Sobieski since it was launched in the US in July 2007.
Belvedere was advised by Bucephale Finance
Mizkan was advised by Winchester Capital Finance