Brown-Forman just announced that it has reached an agreement to sell its Southern Comfort and Tuaca trademarks to Sazerac for $543.5 million. The sale is expected to close by March 1, 2016 resulting in a one-time operating income gain for B-F of approximately $475 million in fiscal 2016.
"We're proud of the work undertaken over the years by our employees and partners on behalf of Southern Comfort and Tuaca," said B-F chief Paul Varga. "Both brands played important roles in the Brown-Forman success story, and we will have fond memories of the enjoyment they brought to consumers, our partners, and to Brown-Forman."
B-F has marketed Southern Comfort since acquiring the brand in 1979, and purchased Tuaca in two transactions that were completed in 2002.
"We are very excited about the opportunity to acquire such iconic brands. Brown-Forman has done an excellent job of building both brands over the years and we are looking forward to many more years of successful brand building," said Mark Brown, President / CEO of the Sazerac Company.
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