...where distraction is the main attraction.

Monday, July 23, 2012

Bruichladdich-Rémy agreement completed

The Rémy Cointreau / Bruichladdich acquisition agreement is now official.

Mark Reynier, the financial saviour of Bruichladdich in 2000, and now the man who has taken the most abuse (by the always patient online vox populi) for being a sellout during the Rémy Cointreau negotiations has posted his explanation of the goings-on of his company's financial history.  It was up on the Bruichladdich site, then pulled "for clarifications".  It's an objective but bittersweet post.

The sale for 58M GBP is significantly more than most online guesses had been.  At $90,000,000, it's the highest amount ever paid for a Scotch whisky distillery.  Rémy says they won't cut any jobs.  In fact they're hoping to double production, thus creating local jobs.  Per Mr. Reynier's post: "As with other Rémy businesses, Bruichladdich will continue to be a stand-alone company, operated from Islay, with Islay maturation and Islay bottling."

Additionally, per the most recent Whiskycast, the distillery employees had been receiving company stock as part of their compensation; many stand to make six figures when the sale is complete.

Finally, Mr. Reynier, who has taken the brunt of the online "sellout" complaints, was the only board member to vote against the sale.