Herbert Smith has advised Shanghai Sugar Cigarette and Wine (SSCW), a subsidiary of state-owned Chinese food group leader Bright Food, in its acquisition of a 70% stake in the independent Bordeaux wine merchant DIVA Bordeaux. The deal will enable DIVA Bordeaux to expand its international development, especially in China. The remaining 30% will remain with Pierre Beuchet, DIVA’s founder and chairman, and Jean-Pierre Rousseau, its managing-director.
A French-Chinese team at Herbert Smith composed of Shanghai-based partner Betty Tam and associateAngela Zhao, along with Paris-based partner Frédéric Grillier and associates Sophie de Labrouhe and Elise Favier, advised SSCW on the acquisition.
China is the world’s biggest importer of Bordeaux wines, and this transaction is the first time that a Chinese company has bought a French wine merchant, through which Bordeaux wines are traditionally sold.
Betty Tam commented:
“It has been a pleasure assisting Bright Food on this transaction, which helps bring luxury, fine Bordeaux wines to one of the world’s fastest growing markets. Our participation in this transaction adds to the significant experience of Herbert Smith’s French-Chinese team in adapting and interpreting the intrinsic cultural, linguistic, and legal issues in cross-border deals.”
Darrois Villey Maillot Brochier advised DIVA Bordeaux with a team led by partners Alain Maillot and Hugo Diener, assisted by Yann Grolleaud (partner – tax), Anne Louise Varoquier and Caroline Frison Roche.
Benoit et Associés (Cyril Benoit) and Kepler Corporate Finance acted as financial advisers for the sellers and Deloitte for the buyer.
