Liquor company Brown-Forman (BF.B) - Get Brown-Forman Corporation Class B Report announced that it is selling its Canadian Mist, Collingwood and Early Times whiskeys, furthering its push to concentrate just on its top brands.
Privately-held Sazerac Company will be purchasing the three brands.
"We are delighted to acquire such iconic brands as well as the Canadian Mist Distillery," said Mark Brown, President and Chief Executive Officer, Sazerac Company. "Brown-Forman has done an excellent job building these brands over the years and we expect to invest in the brands and grow their sales in the coming years."
Early Times was the first brand Brown-Forman purchased in 1923 and the brand is celebrating its 160th anniversary this year.
As part of the purchase, Sazerac will also acquire the Canadian Mist distillery in Collingwood, Canada. Canadian Mist is the third-highest selling Canadian whisky brand in the world. Brown-Forman added it to its portfolio in 1971.
Last week, the company announced the creation of Brown-Forman Europe and Brown-Forman International as part of the transformation of its international brand.
The brand behind Jack Daniel's, Woodford Reserve, and el Jimador liquors will have two new divisions: one to focus solely on the European market, and another to focus on emerging markets such as Asia, Australia, New Zealand, Latin America and the MEA.
"As we seek to deliver balanced geographic growth with competitive routes to consumers, we must have an agile and simplified organizational structure," said Lawson Whiting, President and Chief Executive Officer, Brown-Forman Corporation.
Brown-Forman shares were falling 0.3% to $65.06 in afternoon trading on Monday.