Pernod sells shares in Ambrosio Velasco

Pernod Ricard has sold its shares in Ambrosio Velasco to Diego Zamora for €33.1 million (excluding debt).

Spanish company Ambrosio Velasco SA owns among others the brand Pacharán Zoco, Palacio de la Vega wine from Navarra, and related assets. The closing of the transaction is subject to clearance by the Spanish competition authorities.

Diego Zamora is a family-owned Spanish company, best known as the producer of Licor 43, the Spanish liqueur brand which is in approximately 60 countries. Other brands include Villa Massa (a best selling premium Italian Limoncello), Matusalem rum and Ramon Bilbao wines from Rioja. It is also a key importer and distributor in the Spanish market.

Pernod Ricard is now the second largest global wines and spirits with consolidated sales of €7,203 million in 2008/09. The company (along with Diageo) bought Canadian drinks giant Seagram in 2001 and (with Beam Global) Allied Domecq in 2005. In 2008, it bought Swedish government-owned Vin&Sprit in order to get the Absolut vodka brand.

It is committed to lowering its debt burden and this is the latest in a string of deals offloading non-core or local, regional brands.

Pernod Ricard boasts one of the most prestigious drinks brand portfolios. As well as Absolut it has Ricard pastis; Ballantine’s, Chivas Regal, Royal Salute and The Glenlivet scotch whiskies; Jameson Irish whiskey; Martell cognac; Havana Club rum; Beefeater gin; Kahlúa and Malibu liqueurs; Mumm and Perrier-Jouët champagnes; and Jacob’s Creek, Montana (Brancott Estate), Campo Viejo and Graffigna wines.