Independent Liquor sold to Asahi
Independent Liquor's $1.5 billion sale to Japanese brewing giant Asahi has been confirmed.
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Independent Liquor’s $1.5 billion sale to Japanese brewing giant Asahi has been confirmed.
The sale represents the biggest transaction for Asahi - Japan's largest brewer by volume, which last month bought New Zealand juice company Charlie’s for $129 million.
Japanese beverage companies, emboldened by the high yen, are on the acquisition hunt offshore as their home market is declining.
Independent Liquor is this country’s leading producer of ready-to-drink spirits mixes such as Woodstock Bourbon and Vodka Cruiser. It had $414.4 million in revenue last year but recorded a loss of $22.7 million. The firm is eyeing expansion into the US and China.
Independent Liquor is also active in the beer and cider markets, challenging the Lion-DB duopoly with its rebranded Boundary Road Brewery, named after its location at Papakura, Auckland. Boundary also brews global brands Carlsberg, Tuborg and Kingfisher under license.
Independent Liquor was sold to private equity investors in 2006 after founder Michael Erceg was killed in a helicopter accident.
His wife Lynne Erceg retained an 11.75% stake. She was listed in the NBR Rich List as being worth $1.5 billion.
Tokyo-based Asahi expected to complete the $1.5 billion purchase of Independent by the end of next month.
Asahi president Naoki Izumiya, in a statement to the Tokyo Stock Exchange. said Independent's integration into its operations in the region would bring real benefits.
The company has spent more than $2 billion abroad in the last five years.
Georgina Bond
Thu, 18 Aug 2011
Thu, 18 Aug 2011
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Independent Liquor sold to Asahi
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