French drinks group Remy Cointreau has completed the sale of the Piper-Heidsieck and Charles Heidsieck Champagne brands to Societe Europeenne de Participations Industrielles (EPI).
Fashion-led luxury goods company EPI has already lined up former Veuve Clicquot managing director Cécile Bonnefond to run the Champagne business, taking over from current incumbent Anne-Charlotte Amory.
EPI has bought the Champagne business based in Reims, plus California sparkling wine brand Piper Sonoma, in a deal which values the business at €412.2m.
That includes about €240m in debt, plus a purchase price after adjustments of €146.3m, including an immediate first payment of €71.3m.
The deal is expected to close formally at the beginning of the summer, with the two companies signing a global distribution agreement for the Champagne brands and a separate deal for Piper Sonoma in the US.
EPI chairman Christopher Descours said the Champagnes ‘perfectly complement’ the company’s other luxury goods brands, including JM Weston, Alain Figaret and Bonpoint.
Written by Richard Woodard