Altia buys cognac Renault from Pernod Ricard

Altia has signed an agreement to acquire cognac brand Renault from Pernod Ricard for a cash consideration of €10m.

Altia, which operates in the Nordic and Baltic markets, describes the brand as a “widely recognised trademark with heritage” that will  “reinforce” and “expand” the company’s market position, as well as increasing presence in Nordic travel retail.

The Renault range consists of Renault Carte Noire Extra, Renault Carte d’argent XO and Renault Bleu Nuit VS.

Antti Pankakoski, chief executive of Altia, said: “Cognac Renault was created in 1835 by Jean Antonin Renault and it is a great honour to take responsibility of such a heritage. We think that there is great potential to develop the Renault brand as part of Altia’s portfolio in the future.”

The company says its latest move is the “natural continuation in executing Altia’s growth strategy” and follows the €87 million acquisition of various Pernod Richard-owned Swedish and Danish assets earlier this year.

The deal also incorporates the handover of ‘some finished products inventories’ and a ‘transitory distribution agreement’ between Pernod Ricard Finland and Altia.

The closing of the transaction is subject to clearance by the Swedish and Norwegian competition authorities.