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Symington buys Cockburns

Symington Family Estates has agreed to buy Cockburn’s from Beam Global in a deal that’s being hailed as a “win-win” move.

cockburns2.jpgThe acquisition of the brand is the final piece in the jigsaw in the longstanding relationship between Cockburn’s and Symington, which already produces Cockburn’s Port and owns Cockburn’s vineyards.

The transaction between the two Port houses, which is expected to conclude by the end of this year, will see the Symington Family “apply their skills and expertise in the production of Port, to the further development and growth of Cockburn’s the world.”

Speaking about the purchase, the price for which has not yet been disclosed, senior vice president and managing director Beam Global International Donard Gaynor, said: “This transaction allows both of our companies to focus our dedicated resources and efforts on driving continued, accelerated growth of our core categories of excellence.”

Paul Symington, joint managing director of Symington Family Estates, said: “We look forward to applying the centuries of experience that our family has in Port to this magnificent brand.”     

Beam Global, which is part of Fortune Brands and owns Courvoisier, Jim Beam, Maker’s Mark and Teacher’s, has confirmed it will continue to distribute Cockburn’s in selected markets.

Yesterday, the drinks business reported on Symington’s belief that the future of Port looks healthy but very different .

Symington Family Estates already owns the Graham’s, Dow’s and Warre’s Port brands, and is one of the leading vineyard owners in the Douro valley with 940 hectares of vines at 25 quintas.

Jane Parkinson, 08.10.2010

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