Four years ago family-owned Symington acquired the Cockburn’s vineyards and began producing its ports, although Beam retained worldwide distribution rights and ownership of the brand. Under the terms of the new deal Beam will continue to market Cockburn’s in selected markets.
The acquisition is subject to regulatory clearance and is expected to complete by the end of the year.
“This is a win-win for both our companies and a logical next step for the brand,” said Donald Gaynor, senior vice president and managing director of Beam Global International.
“Symington has been a great producer of Cockburn’s for years, and this transaction allows both of our companies to focus our dedicated resources and efforts on driving continued, accelerated growth of our core categories of excellence.”?Paul Symington, joint managing director of family-owned Symington,
added: “We look forward to applying the centuries of experience that our family has in port to this magnificent brand.”