The Taittinger family is set to return to its Champagne business nearly two years after being bought out by the American private equity investment firm, Starwood Capital. Headed by 53 year-old Pierre-Emmanuel Taittinger, the family has bought a 37% stake from French bank Crédit Agricole, whose overall share in the firm now drops to only 20%.
Taittinger said he was still looking for capital from the friendly sources to invest in the remaining 43%. He is confident of generating sufficient interest. 'Companies with a heritage are very reassuring for investors,' he told French news channel LCI.
The house, established in 1734, was originally bought by the Taittinger family in 1932. Pierre-Emmanuel Taittinger, the head of the dynasty, continued to manage Champagne Taittinger throughout the period that it was owned by Starwood, and then by Crédit Agricole. He has been quoted saying that "The family is going to play a very active role in this business" as well as ensuring that "Taittinger remains completely tied to the Champagne region".
Crédit Agricole bought the Champagne house from Starwood in 2006 for €660m.
UB Group of Vijay Mallya had unsuccessfully bid for the Champagne House against Crédit Agricole. He later acquired Bouvet -Ladubay, a sparkling wine producer of Loire Valley , belonging to the Champagne House reportedly for about € 12 million.