French spirits group Rémy Cointreau has sold its stake in the Passoã SAS joint venture (JV) to Dutch alcoholic beverages distributor and marketer Lucas Bols Amsterdam for €71.2m ($86.49m).

The joint venture was launched in December 2016 to bolster the development of the Passoã brand both in France and across the globe.

Under the 2016 agreement, Rémy Cointreau took hold of the distribution, manufacturing, and inventory of the brand and Lucas Bols was responsible for the brand’s ‘expertise’ in the liqueur and cocktail business.

Lucas Bols CEO Huub van Doorne said: “We are very pleased with the completion of the transaction and I would like to thank Rémy Cointreau for the pleasant and constructive cooperation during the past four years.

“In December 2016 we added Passoã, a truly iconic brand, to our portfolio, and we have nurtured the brand from the first day onwards. The brand has performed very well, also in today’s challenging times. The brand successfully drives the Porn Star Martini trend, the number one cocktail in the UK.

“Also Passoã’s fresh mixed-drink proposition is contributing to the brand’s success in combination with the expansion of distribution. All in all, Passoã fully delivered on its promise and we look forward to further fuelling its success.”

Lucas Bols financed the purchase price through an acquisition bank facility and cash.

According to Rémy Cointreau, the divestment is part of its ‘brand elevation’ strategy.

In October, Rémy Cointreau acquired a significant stake in champagne producer, Champagne J de Telmont, for an undisclosed sum.