Nov. 30--Deerfield-based Beam Suntory is selling its Spanish brandy and sherry businesses to the Philippine brandy giant Emperador for $291 million, Beam announced Monday.
Privately held Beam Suntory, which has made a killing in the booming whiskey market, says it believes the Fundador, Harveys, Terry and Tres Cepas brands were worth more to Emperador. Workers it employed to produce the liquors in Jerez and Tomelloso, Spain, will be transferred along with the brands.
Beam Suntory -- the world's third largest premium spirits company -- was formed in April 2014 when Japanese firm Suntory Holdings bought Beam for $16 billion. Its brands include Jim Beam, Maker's Mark and Knob Creek bourbon, Canadian Club whiskey and Kakubin, Yamazaki, Hakushu and Hibiki Japanese whiskeys as well as Courvoisier cognac.
Emperador, sold only in the Philippines, is the world's best-selling brandy. Last year it purchased Whyte and Mackay, the world's fifth largest Scotch whisky maker, and it also makes Vladivar vodka.
"Our teams in Jerez and Tomelloso are outstanding, and I am confident that the operations and the brands produced there have a very bright future as part of Emperador," said Steve Fechheimer, head of strategy and corporate development at Beam Suntory.
Fundador brandy is popular in the Philippines, while Terry Centenario is Spain's best-selling brandy and Harveys is the UK's top selling sherry wine.
kjanssen@tribpub.com
