Dutch firms De Kuyper and Lucas Bols have agreed to offload alcoholic beverage manufacturer Avandis to Refresco Group for €25 million (US$24.2m).
Avandis is a joint venture of Lucas Bols and De Kuyper. It is a beverage manufacturer based in Zoetermeer, in the Netherlands, and is said to have one of the most ‘advanced’ bottling facilities for distilled beverages.
Huub van Doorne, CEO of Lucas Bols, said: “We are confident that Refresco offers the best environment for Avandis to thrive. At the same time the transaction allows us to fully focus on our core activity: creating great cocktail experiences around the globe.
“We will benefit from Refresco’s size, scale, and expertise in manufacturing beverages as our brands will continue to be manufactured by Avandis under the new ownership. We look forward to a close collaboration with them for many years to come.”
Refresco’s acquisition of Avandis will allow it to invest and expand the manufacturer’s business.
The amount paid for the purchase of Avandis is to be adjusted for its net debt position, which was €15m (US$14.5m) as of March 2022, plus any working capital adjustments.
Earlier this year, Lucas Bols entered the agave spirits market with the acquisition of ultra-premium Tequila Partida in a US$10m deal.
CEO of De Kuyper Royal Distillers Mark de Witte added: “In Refresco, we have found an excellent partner to continue the manufacturing of our products with the highest quality. This transaction is a strategic step forward for us, as we will be able to focus on building and marketing our premium cocktail liqueur brands according to our vision to ‘own the cocktail’ while leveraging Refresco’s platform and capabilities.”
The deal is expected to be completed at the end of 2022.
CEO of Refresco Hans Roelofs commented: “This acquisition is a step change in expanding our offering to customers in the alcohol category and complements our existing hard liquor capabilities in Europe.
“As part of our Buy and Build strategy, we aim to expand in beverage categories that offer significant growth potential.
“As alcohol is one of those categories, this acquisition will make for a great fit and perfectly suits our company vision of ‘our drinks on every table’.”
In other M&A news, De Kuyper acquired peach schnapps brand Archers from Diageo last month for an undisclosed sum.
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Author: Alice Brooker
