France: Remy Cointreau and Bols sign Passoa joint venture
Remy Cointreau, the global wine and spirits firm, has joined forces with Dutch spirits business Bols to develop the Passoa brand internationally, the two companies have announced.
The new joint venture will operate and further develop the global activities of the Passoa brand, Remy Cointreau and Bols said, with the former contributing the full Passoa activities, including distribution, manufacturing, trademarks and inventory, and Bols contributing both its know-how and expertise in the liqueur and cocktail business, as well as working capital.
Remy Cointreau said that, as a result of the deal, it would deconsolidate Passoa activities (as a Group brand) from its financials. In due course, Bols will have the option to acquire all shares held by Remy Cointreau in the joint venture, the firm added.
Commenting on the move, Remy Cointreau CEO Valerie Chapoulaud-Floquet said: "Rémy Cointreau and Lucas Bols have had a long history of business partnerships and this joint venture is a new milestone in this fruitful relationship. The Rémy Cointreau Group always strives to do what is best for its brands, and we are confident that the Passoã brand will thrive and show its full potential under the management of Lucas Bols. Besides, the creation of this joint venture enables Rémy Cointreau to accelerate its refocus on its portfolio of exceptional spirits, which is at the core of the Group’s strategy".
Passoa is a passion fruit liqueur promoted as being made with passion fruit juice and with an alcohol content of 17%.
Source: Remy Cointreau (via Business Wire)