Remy Cointreau has concluded its hunt for Bruichladdich Distillery Company with a GBP58m (US$90.3m) purchase of the Islay-based Scotch whisky producer.
The company, which confirmed earlier this month that it had started discussions with Bruichladdich, announced earlier this morning (23 July) that it has bought the distiller for GBP48m and assumed debt of GBP10m. The transaction, which represents an enterprise value to EBITDA of 24x, and EV to sales of 5x, should close within the next six weeks.
Bruichladdich was acquired from Beam Global Spirits & Wines in late-2000 by Murray McDavid, a malt bottling business set up by two London wine merchants and a member of the family that owned whisky distiller Springbank, for $10.1m.
The transaction price represents a return of seven times the initial share price, according to Bruichladdich's MD, Mark Reynier.
