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Roy Hersh
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Breaking News!

Post by Roy Hersh »

As of late yesterday, The Symington Family Estates officially closed the deal on its purchase of all things Cockburn's! [cheers.gif]
Ambition driven by passion, rather than money, is as strong an elixir as is Port. http://www.fortheloveofport.com
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Re: Breaking News!

Post by Andy Velebil »

That's great news!
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Re: Breaking News!

Post by Glenn E. »

Congratulations to the Symingtons!
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Re: Breaking News!

Post by Paul Symington »

Thank you for your comments. We are very pleased and we can now get down to work.

When my father joined his father Maurice and his Uncles in our family Port company in 1947, Cockburn's was the leading Port company here in Portugal and its Vintage Port reputation was the very finest and second to none. My father is long retired is now 85 years old and is really delighted that this great Port house now belongs to us.

I and Johnny, Rupert, Dom and Charles will take great pleasure in managing the future of Cockburn's, building on its great heritage and we look forward to tasting the fruits of our labours with some of you.

Happy Christmas,

Paul Symington
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Re: Breaking News!

Post by Moses Botbol »

Should be a Merry Christmas indeed for the Symingtons. Congratulations! [cheers.gif]
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Re: Breaking News!

Post by Roy Hersh »

Hi Paul, et al

With great respect for historical figures such as Ernest Cockburn and Wyndham Fletcher, while having met Peter Cobb, (when he was still MD) Jim Reader and the inimitable Miguel Côrte-Real ... as steward's of Quinta dos Canais and the Port grapes grown in the vineyards ... there's no denying the greatness that has been associated with Cockburn's cultivations for nearly two centuries.

Moreover, the Port "purist" in me has been a reluctant spectator to the ongoing, albeit seemingly necessary consolidations that have taken place within the Port trade, leaving very few of the venerable old shippers to fend for themselves independently. But Cockburn's had gone through the "process" before, with Allied Domecq and later on with Beam Global. This just seems like natural progression and is very reminiscent of Sogrape's takeover of Sandeman from Seagram's back in 2001 (a year that also saw Croft & Delaforce move to TFP in September).

As much as I fawn over the days of yore when centuries old family-owned Port shippers were the norm, I have read about dozens and lived to witness the ongoing consolidation process which has left nary a single old Port name undisturbed in its wake. Nostalgia runs deep around the holidays. :winepour:

However, as I have written before ... the Symington Family has proved that it is not interested in furthering acquisitions and mergers merely for the sake of gaining mass or market share. Much to your family's credit Paul, they have proven beyond a shadow of a doubt, possibly creating an "art form" of taking struggling Port firms and bringing them back from the brink of irrelevance ... to re-create greatness and optimism for those company's future well being.

Graham's is certainly the greatest of many examples, but one just has to look at the names in the vast Symington stable to realize how far reaching their success rate has been, in actually improving Port companies they've acquired. It is an astonishing cast of characters and a compelling "turn around" story.

In a family-owned Port company filled with a plethora of notable achievements over the centuries, this may just wind up as SFE's greatest legacy! :clap:

Wishing you and your entire family continued success and a very Merry Christmas.

Roy

P.S. > Tongue planted firmly in cheek: Although most in England view Port as a British invention ... if folks really knew their history (Symington Family, Cockburn's, Sandeman to name just a few) ... maybe they'd realize it was really the men of Scotland responsible for Port!
Ambition driven by passion, rather than money, is as strong an elixir as is Port. http://www.fortheloveofport.com
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Re: Breaking News!

Post by Derek T. »

I agree with everything that Roy has said. Particularly the "P.S." :wink:

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Re: Breaking News!

Post by Glenn E. »

It can be both, you know. Scotland is British... what it's NOT is English. :wink:

(runs and hides from Derek)
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Re: Breaking News!

Post by Derek T. »

Glenn E. wrote:It can be both, you know. Scotland is British... what it's NOT is English. :wink:

(runs and hides from Derek)
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Re: Breaking News!

Post by Julian D. A. Wiseman »

Paul Symington wrote:Thank you for your comments. We are very pleased and we can now get down to work.
Not mentioned on the news page of the Symington website, nor by Beam Global. If it weren’t for Paul’s confirmation here, how would we know for sure? Nor is C yet on the front page of Symington.com.

Meanwhile, a great result. For a century C was the premier brand, 10% to 20% dearer than all others. In Symington hands it can regain lost ground, so to speak.
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Re: Breaking News!

Post by Roy Hersh »

As I mentioned in the October FTLOP newsletter Julian, the only thing holding up the sale was:


NEWS FROM THE FRONT LINES OF THE PORT TRADE

BEAM GLOBAL SPIRITS & WINE ANNOUNCES PLANS TO SELL COCKBURN’S PORT TO SYMINGTON FAMILY ESTATES

PLEASE NOTE: This deal is still subject to UK merger clearance

Oporto, Portugal (7th October, 2010) – Beam Global Spirits & Wine, Inc., the premium spirits
business of Fortune Brands (NYSE: FO), today announced plans to divest the Cockburn’s Port brand
to Symington Family Estates, the leading producer of premium quality ports.




The text goes on from there but you get the point.
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Re: Breaking News!

Post by Julian D. A. Wiseman »

Oh, I understood the Symington post above as implying that such clearance had been received. Now that misunderstanding has been cleared away it all makes sense again.
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