Piper-Heidsieck and Charles Heidsieck sale to EPI completed

French drinks group Remy Cointreau has completed the sale of the Piper-Heidsieck and Charles Heidsieck Champagne brands to Societe Europeenne de Participations Industrielles (EPI).

Fashion-led luxury goods company EPI has already lined up former Veuve Clicquot managing director C¨¦cile Bonnefond to run the Champagne business, taking over from current incumbent Anne-Charlotte Amory.

EPI has bought the Champagne business based in Reims, plus California sparkling wine brand Piper Sonoma, in a deal which values the business at €412.2m.

That includes about €240m in debt, plus a purchase price after adjustments of €146.3m, including an immediate first payment of €71.3m.

The deal is expected to close formally at the beginning of the summer, with the two companies signing a global distribution agreement for the Champagne brands and a separate deal for Piper Sonoma in the US.

EPI chairman Christopher Descours said the Champagnes ¡®perfectly complement¡¯ the company¡¯s other luxury goods brands, including JM Weston, Alain Figaret and Bonpoint.