Brown-Forman Corp. on Thursday said it agreed to sell its Southern Comfort and Tuaca liqueur brands to closely held Sazerac Co. for $543.5 million.

Brown-Forman has owned the Southern Comfort brand since 1979. It bought Tuaca in 2002. Brown-Forman, which also owns alcohol brands such as Jack Daniel's Tennessee Whiskey and Woodford Reserve, said the sale reflects its effort to improve growth.

New Orleans-based Sazerac owns a number of bourbon, whiskey and vodka brands.

Brown-Forman said it would book a gain of $475 million on the sale, which it expects to close by March 1.

Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com

(END) Dow Jones Newswires

January 14, 2016 09:35 ET (14:35 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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