Hine Cognac, one of the leading names in the world of Cognac, has announced the sale of the house to the Nicolas family for a sum in the region of 50 million euros. Although the exact sale price has not been disclosed, the sale has been confirmed by the Director General of Hine Cognac, Francois Le Grelle.
The house has been on the market since April this year, and is one of the bigger players in the market. Famous for its vintage products, the house is located in the heart of Grande Champagne country, with 173 acres of vineyards.
The prestigious cognac house recently celebrated its 250th anniversary, so it seems fitting that it now falls into the hands of a family with a long history themselves in the industry. The Nicolas family is a wine merchant found in France, Belgium, the UK, Russia and Morocco, and has a history dating back to 1822.
Of the sale, Le Grelle says, “ This is a company that we know, will defend the house. It will preserve the staff (of 25 employees) and consolidate Hine.”
This is a good move for Hine Cognac, as last spring the CL Financial Group (part of the Angostura Group based in Trinidad and Tobago) who were partnered with Hine since 2003, decided to separate from the house due to financial turmoil. Le Grelle says that the purchase by the Nicolas Family is “Exactly what we were looking for.”
Read more about Hine Cognac here.