Leading global law firm Baker McKenzie has advised Lalique Group SA on the acquisition of 50% of The Glenturret super premium single malt whisky and Scotland’s oldest distillery, further expanding its luxury goods business. The transaction, with a purchase price of GBP 15.5 million for Lalique Group's 50% stake, closed on 28 March 2019.

At the closing of the transaction on 28 March 2019, The Glenturret distillery, brand, ware-houses, whisky stocks and visitor centre became part of the Zurich-based Glenturret Holding SA, a joint venture in which Lalique and Swiss entrepreneur Hansjörg Wyss each hold 50%. In accordance with IFRS reporting standards, Lalique Group will fully consolidate and will manage the Glenturret business, and will (subject to certain conditions) control the Board of Directors. Hansjörg Wyss, who has been a shareholder of Lalique Group since 2015, will join The Glenturret’s Board of Directors to contribute to the development of the distillery.

The purchase price of GBP 15.5 million, paid in cash, for Lalique Group’s 50% stake in the acquired business, together with working capital for related investments of approx. CHF 4 million, have been financed through a shareholder loan by Silvio Denz, Chairman of Lalique Group and its main shareholder. In the course of 2019, Lalique Group intends to propose to its shareholders a capital increase by way of a rights issue to refinance parts of the shareholder loan and finance other growth initiatives. The balance of the shareholder loan is planned to be amortized over the next several years. Zürcher Kantonalbank will act as Lead Manager for the planned rights offering.

Baker McKenzie provided comprehensive advice to Lalique with regard to all legal and tax aspects of the investment. The Baker McKenzie team comprised Martin Frey (Partner M&A, Zurich) and René Schreiber (Partner Tax, Zürich). 
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