Southern Comfort and Tuaca liqueur have found new owners. The Brown-Forman Corporation has reached an agreement with the Sazerac Company to sell its Southern Comfort and Tuaca liqueur brands, the Wall Street Journal reports. The deal is valued at $543.5 million.
The sale is expected to close by March 1, according to the Associated Press. Brown-Forman CEP Paul Varga made a statement about the deal, saying, "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."
He later added that the decision to sell both Southern Comfort and Tuaca were part of the company's "evolving portfolio strategy."
The deal has been in the works since September, though both companies were staying quiet about the particulars, according to Reuters. Brown-Forman is using the deal in order to put more time and energy into its whiskey business.
Both brands being sold by the company have seen falling sales and rising competition. Southern Comfort sales fell dramatically with the rise in popularity of Sazerac's Fireball Cinnamon Whisky. And Tuaca liqueur has always had a very small market, mainly sold in the United States and, in small amounts, the UK.