Brown-Forman says ths sale reflects the continued evolution of the company's portfolio strategy to focus on premium brands. The company believes this portfolio management, alongside innovation, will allow it to continue to focus on the best growth prospects and value creation over the long term.
Early Times, an American whiskey brand celebrating its 160th anniversary this year, was the first brand Brown-Forman purchased in 1923. Canadian whiskey Canadian Mist joined its portfolio in 1971 and was the company’s first production operations outside of the US.
“We are delighted to acquire such iconic brands as well as the Canadian Mist Distillery,” said Mark Brown, President and Chief Executive Officer, Sazerac Company. “Brown-Forman has done an excellent job building these brands over the years and we expect to invest in the brands and grow their sales in the coming years.”
The sale of these brands is expected to close later this year.
Brown-Forman also sold Southern Comfort and Tuaca to Sazerac in 2016.