Southern Comfort, Tuaca Sold To New Orleans’ Sazerac Company, Inc. For $543.5M
NEW ORLEANS – The Sazerac Company, Inc., an independent, family-owned New Orleans business, announced they bought Southern Comfort and Tuaca from the Brown-Forman Corp.
“We are very excited about the opportunity to acquire such iconic brands,” Mark Brown, President/ CEO of the Sazerac Company, said. “Brown-Forman has done an excellent job of building both brands over the years and we are looking forward to many more years of successful brand building.”
Brown-Forman CEO Paul Varga said the decision to sell the brands reflects the company’s evolving portfolio strategy and a continuation of its efforts to focus resources on its highest strategic priorities.
“We’re proud of the work undertaken over the years by our employees and partners on behalf of Southern Comfort and Tuaca,” Varga said. “Both brands played important roles in the Brown-Forman success story, and we will have fond memories of the enjoyment they brought to consumers, our partners, and to Brown-Forman.”
Brown-Forman has marketed Southern Comfort since acquiring the brand in 1979. The company acquired Tuaca in two transactions, completing the purchase in 2002.
The sale of these brands is expected to close by March 1, 2016.
Goldman, Sachs & Co. and Gibson, Dunn & Crutcher LLP advised Brown-Forman in this transaction.
Cooley LLP provided legal advice to Sazerac. Wells Fargo Securities provided Sazerac financial advice and led the committed financing for the transaction.
Sazerac is one of New Orleans’ oldest family owned, privately held companies and has operations in New Orleans, Louisiana; Frankfort, Bardstown, Louisville and Owensboro, Kentucky; Fredericksburg, Virginia; Carson, California; Baltimore, Maryland; Lewiston, Maine; Manchester, New Hampshire; and Montreal, Canada.