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Corby Spirit and Wine Limited has agreed to sell the Lamb’s rum brand and related assets to Maison des Futailles and Glen Turner Company Limited for $39.2 million, as the Canadian drinks company moves to sharpen its focus on priority growth areas.

Under the agreement, Maison des Futailles, a subsidiary of Canadian beverage group Phildan, will acquire the brand’s rights in North America. Glen Turner Company Limited, a subsidiary of French spirits group COFEPP SAS and part of La Martiniquaise-Bardinet, will acquire rights across the rest of the world.

The transaction includes the Lamb’s brand, associated intellectual property and brand inventories held by Corby at closing. The purchase price is subject to customary adjustments.

Corby said the divestment forms part of its strategy to simplify its portfolio and release capital and resources for higher-return opportunities. The company identified ready-to-drink beverages and premium spirits as key growth platforms where it intends to concentrate investment.

Florence Tresarrieu, president and CEO of Corby, said: “The sale of Lamb's is a disciplined portfolio management decision that supports Corby's long-term strategy. It allows us to focus our resources on higher-priority categories further, strengthen our financial position, and continue investing behind the brands and innovations that will drive Corby's next chapter of growth.”

The Lamb’s brand has a particularly strong presence in Canada and the UK. Phildan said the acquisition would strengthen its spirits portfolio and provide further growth opportunities in the Canadian market.

Hugues Gauthier, president of Phildan, said: “Lamb's is one of Canada's most recognised rum brands, and we're proud to welcome it into the Dandurand Group family. This acquisition strengthens our brand portfolio, expands our presence in the spirits category and reflects our long-term commitment to investing in brands with strong consumer recognition and significant growth potential.”

Meanwhile, La Martiniquaise-Bardinet said Lamb’s would complement its existing portfolio and international spirits operations.

 Christophe Pichambert, international director at La Martiniquaise-Bardinet, added: “Lamb's is a well-established brand in the United Kingdom that complements our existing portfolio and strategic objectives. We are excited about the opportunities ahead and committed to supporting the brand's continued success and building the next chapter of its long history.”

Corby and its affiliated companies will provide transition support covering production and distribution for a period following completion of the deal. Corby’s board has approved the transaction of directors.

The divestment comes as Corby continues to build its portfolio around Canadian whisky, ready-to-drink beverages and other priority categories. Its owned brands include J.P. Wiser’s, Lot 40, Pike Creek, Polar Ice, McGuinness, Cottage Springs, Nude and Foreign Affair.

The company also represents a number of international spirits brands through its affiliation with Pernod Ricard, including Absolut, Chivas Regal, The Glenlivet, Jameson, Beefeater, Malibu and Kahlúa.

For Phildan, the Lamb’s deal adds an established rum brand to the portfolio of Dandurand Group, a Canadian family-owned beverage platform with operations spanning brand representation, manufacturing and bottling, marketing and e-commerce.

Glen Turner’s parent company, La Martiniquaise-Bardinet, has operations across more than 150 countries and a portfolio spanning spirits, wines and non-alcoholic beverages. Its existing rum brands include Saint James, Cacique and Old Nick.

The transaction gives both buyers the opportunity to develop Lamb’s in their respective territories while allowing Corby to redirect investment towards the categories it sees as offering greater long-term growth potential.