Cockburn’s bought by the Symingtons

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JacobH
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Cockburn’s bought by the Symingtons

Post by JacobH » 11:50 Sat 09 Oct 2010

Decanter wrote:Cockburn’s Port has been sold by Beam Global Spirits & Wine to Symington Family Estates for an undisclosed sum.

[...]

The deal comes four years after Symington acquired the Cockburn’s vineyards and wineries from Beam, who retained ownership and global distribution of the brand.
There is also a similar article in The Times.

The dominance of the Symington group over the traditional English shippers is now extraordinary; although if Cockburn’s quality Ports become more easily available in the UK, then it would certainly be worth it. (I still don’t think I’ve seen any 2007 vintage, let alone the 2007 Quinta dos Canais SQVP for sale over here).
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DRT
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Re: Cockburn’s bought by the Symingtons

Post by DRT » 12:37 Sat 09 Oct 2010

This is very good news. Hopefully the brand will be returned to its former glory :cool:
"The first duty of Port is to be red"
Ernest H. Cockburn

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jdaw1
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Re: Cockburn’s bought by the Symingtons

Post by jdaw1 » 13:00 Sat 09 Oct 2010

[url=http://beamglobal.com/cs/news/news_detail?pressrelease.id=1672]Beam Global[/url] and [url=http://www.symington.com/files/misc/ekn0n.pdf]Symington Family Estates[/url] both wrote:Beam Global Spirits & Wine, Inc., the premium spirits business of Fortune Brands (NYSE: FO), today announced plans to divest the Cockburn’s Port brand to Symington Family Estates, the leading producer of premium quality ports.

This transaction builds on the long-standing business relationship between Beam Global and the Symington family. Most recently, the Symington group, which currently produces all Cockburn’s Ports, acquired the Cockburn’s vineyards and wineries in 2006 and signed a production agreement with Beam Global, who retained ownership and world-wide distribution for the brand.

Following the transaction, the Symington family intends to apply their skill and expertise in the production of Port, which dates back for generations, to the further development and growth of Cockburn’s around the world.

‟This is a ‘win-win’ for both our companies and a logical next step for the brand,” said Senior Vice President and Managing Director Beam Global International Donard Gaynor. ‟Symington has been a great producer of Cockburn’s for years, and 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.”

‟Cockburn’s is one of the greatest names in Port with a unique history in the Douro valley,” said Symington Family Estates Joint Managing Director Paul Symington. ‟We look forward to applying the centuries of experience that our family has in Port to this magnificent brand.”

Beam Global will continue to distribute Cockburn’s Port in select markets. Subject to UK merger control approval, the transaction is expected to officially close by the end of 2010.
• Did the Symingtons acquire all the stocks of 1980s Cockburn vintage port? What will be done with them?
• No mention yet of the Cockburn brand on the front page of the Symington Family Estates website. How long will it take?

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DRT
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Re: Cockburn’s bought by the Symingtons

Post by DRT » 12:38 Sun 10 Oct 2010

jdaw1 wrote:Did the Symingtons acquire all the stocks of 1980s Cockburn vintage port? What will be done with them?
I visited the Cockburn vintage port cellar a couple of years ago and cannot recall there being significant stock of anything other than a couple of recent vintages and a few old private bottlings. It is a very small stock when compared with those of others I have seen so I don't expect there will be many bottles flowing out of it as a result of this purchase.
jdaw1 wrote:No mention yet of the Cockburn brand on the front page of the Symington Family Estates website. How long will it take?
The acquisition cannot complete until regulatory approval is given, which is expected by the end of 2010. Presumably nothing will happen until then at least.
"The first duty of Port is to be red"
Ernest H. Cockburn

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Axel P
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Re: Cockburn’s bought by the Symingtons

Post by Axel P » 20:31 Mon 11 Oct 2010

I talked to Miguel about this very thoroughly this year. If anyone wants to know more details, please pm.

Axel
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Re: Cockburn’s bought by the Symingtons

Post by mosesbotbol » 20:13 Thu 14 Oct 2010

DRT wrote:The acquisition cannot complete until regulatory approval is given, which is expected by the end of 2010. Presumably nothing will happen until then at least.
That is the hold up?
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jdaw1
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Re: Cockburn’s bought by the Symingtons

Post by jdaw1 » 23:23 Sat 11 Dec 2010

The Economist wrote:Fortune Brands said it would split itself into three parts, spinning off its golf-equipment and home and security divisions to focus on its drinks brands, which include Jim Beam and Maker's Mark, two celebrated Kentucky bourbon labels. Two months ago a hedge fund run by William Ackman, an activist shareholder known for persuading companies to sell assets, disclosed that it had accumulated an 11% stake in Fortune Brands.
Fortune Brands, in a press release entitled [url=http://www.fortunebrands.com/news/ReleaseDetail.cfm?ReleaseID=535650]Fortune Brands announces intent to separate company's three businesses[/url], wrote:Under Initiative Approved by Board, Fortune Brands Would Become Pure-Play Spirits Company, Spin Off Home & Security to Shareholders, and Sell or Spin Off Golf Business

Deerfield, Illinois, December 8, 2010 - Fortune Brands, Inc. [NYSE: FO] today announced that its Board of Directors has unanimously approved in principle a separation of the company's three strong consumer businesses - distilled spirits, home and security, and golf products. The plan that the company intends to pursue includes: the continuation of Fortune Brands as an independent, publicly-traded company focused solely on its distilled spirits business; the tax-free spin-off to shareholders of the home and security business into an independent, publicly-traded company; and the sale or tax-free spin-off of the golf business. Each business has leading consumer brands and excellent growth and returns potential, and is now very well positioned to create significant value for shareholders on its own.

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Re: Cockburn’s bought by the Symingtons

Post by jdaw1 » 18:51 Mon 20 Dec 2010

[url=http://www.fortheloveofport.com/ftlopforum/viewtopic.php?p=64539#p64539]Here[/url] Paul Symington wrote:Thank you for your comments. We are very pleased and we can now get down to work.

When my father joined his father Maurice and his Uncles in our family Port company in 1947, Cockburn's was the leading Port company here in Portugal and its Vintage Port reputation was the very finest and second to none. My father is long retired is now 85 years old and is really delighted that this great Port house now belongs to us.

I and Johnny, Rupert, Dom and Charles will take great pleasure in managing the future of Cockburn's, building on its great heritage and we look forward to tasting the fruits of our labours with some of you.

Happy Christmas,

Paul Symington

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