Groupe Belvedere, the third largest spirits company in France and parent to brands such as Sobieski Vodka and William Peel Scotch, continues a restructuring that began in 2013 that could include a sale of its non-core wholesale business in Poland. That’s according to the group’s CEO Jean-Noel Reynaud who spoke with The Deal’s senior writer Richard Collings. After converting 600 million euros of debt into equity in 2013, with private equity firm KKR taking a roughly 8% stake in the business, Groupe Belvedere also has a fragmented shareholder structure that it would like to concentrate into fewer hands. That could mean the liquor business in its turnaround could attract investors, particularly from the PE community.
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