Brown-Forman Corporation has reached an agreement to sell its Finlandia vodka brand to Coca-Cola HBC AG for US$220 million, subject to the customary closing process. The deal is expected to complete in the second half of 2023.
Brown-Forman acquired Finlandia from Altia Corp (predecessor to the current production partner Anora Group) in multiple phases, obtaining full ownership in 2004.
A new chapter for Finlandia
“Finlandia has played an important role in the global growth of Brown-Forman,” noted Brown-Forman Corporation President and Chief Executive Officer Lawson Whiting.
“Since the brand originally joined our portfolio in 2000, many talented individuals have worked hard to bring Finlandia vodka to the world, and I thank them for their dedication.”
He added: “We believe Coca-Cola HBC is well-suited to support Finlandia’s future growth and look forward to watching the continued evolution of the brand in their capable hands.”
“We are excited and privileged to become the new home for Finlandia vodka,” commented Coca-Cola HBC AG Chief Executive Officer Zoran Bogdanovic. “This unique opportunity for us will support our mixability strategy with our core Non-Alcoholic Ready-To-Drink portfolio and sharpen our focus on the strategically important on-premise channel.”
He added: “We are already developing strong plans to take Finlandia to the next level by accelerating and leveraging the brand’s current momentum. Lastly, I would like to welcome the Finlandia team to the Coca-Cola HBC family and look forward to great successes.”