Spirits business and independent family distillers, William Grant & Sons, has agreed to sell its three liqueur brands Carolans, Frangelico and Irish Mist to Gruppo Campari.
The sale - which amounts to €129m - will be completed on October 1, 2010.
There will be no job losses as a result of the transaction and bottling operations at William Grant & Sons’ Clonmel site will be unaffected because Gruppo Campari has signed a 10-year manufacturing services agreement for William Grant & Sons to provide blending and bottling services for the liqueur brands in Clonmel.
William Grant & Sons stressed that they intend to continue investing in Tullamore Dew Irish Whiskey.
William Grant & Sons’ Chief Executive Stella David said: "This is a great deal and will allow us to focus efforts on developing Tullamore Dew into a truly global Irish whiskey brand and operate in a dynamic and growing category which will help to secure the future of operations in Clonmel and Dublin for years to come."
William Grant & Sons recently announced the set up of its Global Marketing Office in Dublin to handle the global marketing of its non-Scotch portfolio of core brands, including Tullamore Dew, Hendrick’s Gin and Sailor Jerry.