LOUISVILLE, Ky.--(BUSINESS WIRE)--

Brown-Forman Corporation (NYSE: BFA)(NYSE: BFB) announced today that the company has agreed to sell substantially all of the assets of its Hartmann luggage and leather goods business to Clarion Capital Partners, LLC, a private equity firm which invests capital in middle-market, growth-oriented companies. Terms were not disclosed.

Founded in 1877, Hartmann is one of the oldest luggage manufacturers in America. Purchased by Brown-Forman in 1983, Hartmann has a well-earned reputation for high quality and stylish design which has made it a leader in the travel goods industry.

"The significant interest we received from parties wanting to purchase Hartmann is a testament to the quality of its brand name, products, and people, as well as to its opportunities for future growth," stated Brown-Forman Chief Executive Officer Paul Varga. "The sale will enable Brown-Forman to concentrate its energies even further on our successful and growing global alcoholic beverage business."

Marc Utay, Managing Partner of Clarion, commented, "We are very excited about the opportunity to partner with Hartmann's management to purchase a great luxury goods company. We look forward to building on Hartmann's rich heritage with its customers and retailers as an independent company."

Clarion Capital Partners, LLC, is a New-York based private equity firm. The firm invests in the consumer products, specialty retail, business services, healthcare services, specialty financial services and niche media/entertainment industries. Current investments include U.S. Nursing Corporation, The Oceanaire Inc.Great Northwest Insurance Company, Strategic Outsourcing, Inc., and Crowe Paradis Services Corporation. Additional information about Clarion can be found at www.clarion-capital.com.

SunTrust Robinson Humphrey was financial advisor to Brown-Forman.

Brown-Forman Corporation is a diversified producer and marketer of fine quality consumer products, including Jack Daniel's, Southern Comfort, Finlandia Vodka, Tequila Herradura, el Jimador Tequila, Canadian Mist, Fetzer and Bolla Wines, Korbel California Champagnes, and Hartmann Luggage.

Important Note on Forward-Looking Statements:

This release contains statements, estimates, or projections that constitute "forward-looking statements" as defined under U.S. federal securities laws. Generally, the words "expect," "believe," "intend," "estimate," "will," "anticipate," and "project," and similar expressions identify a forward-looking statement, which speaks only as of the date the statement is made. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. We believe that the expectations and assumptions with respect to our forward-looking statements are reasonable. But by their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that in some cases are out of our control. These factors could cause our actual results to differ materially from Brown-Forman's historical experience or our present expectations or projections. Here is a non-exclusive list of such risks and uncertainties:

    --  changes in general economic conditions, particularly in the
        United States where we earn a significant portion of our
        profits;

    --  lower consumer confidence or purchasing in the wake of
        catastrophic events;

    --  tax increases, whether at the federal or state level or in
        major international markets and/or tariff barriers or other
        restrictions affecting beverage alcohol;

    --  limitations and restrictions on distribution of products and
        alcohol marketing, including advertising and promotion, as a
        result of stricter governmental policies adopted either in the
        United States or globally;

    --  adverse developments in the class action lawsuits filed
        against Brown-Forman and other spirits, beer and wine
        manufacturers alleging that our industry conspired to promote
        the consumption of alcohol by those under the legal drinking
        age;

    --  a strengthening U.S. dollar against foreign currencies,
        especially the British Pound, Euro, Australian Dollar, and the
        Mexican Peso;

    --  reduced bar, restaurant, hotel and travel business, including
        travel retail, in the wake of terrorist attacks;

    --  lower consumer confidence or purchasing associated with high
        energy prices;

    --  longer-term, a change in consumer preferences, social trends
        or cultural trends that results in the reduced consumption of
        our premium spirits brands;

    --  changes in distribution arrangements in major markets that
        limit our ability to market or sell our products;

    --  increases in the price of energy or raw materials, including
        grapes, grain, wood, glass, plastic, and agave;

    --  excess wine inventories or a world-wide oversupply of grapes;

    --  termination of our rights to distribute and market agency
        brands included in our portfolio;

    --  counterfeit production of our products could adversely affect
        our intellectual property rights, brand equity and operating
        results;

    --  adverse developments as a result of state investigations of
        beverage alcohol industry trade practices of suppliers,
        distributors and retailers.

    Source: Brown-Forman Corporation

Contact: Brown-Forman Corporation Phil Lynch Vice President Director Corporate Communications and Public Relations 502-774-7928 or T.J. Graven Assistant Vice President Director Investor Relations 502-774-7442