Stock Spirits has agreed to a takeover from a group affiliated with private-equity firm CVC, in a deal valuing the London-listed vodka maker at £767 million (€905.7 million), the firms said in a statement.
The offer of 377 pence per share for Stock Spirits represents a premium of 41% to the stock's close on Wednesday.
Stock Spirits — the maker of 1906 and Stock Prestige — is a leading alcohol company in central and eastern Europe and gets 90% of its sales from Poland, the Czech Republic, and Italy.
Sunray Investments Luxembourg, the group behind the deal, said that 'Stock Spirits is an attractive business with significant future growth potential. Stock Spirits benefits from a portfolio of established brands trading in key segments of the market and a strong track record of product innovation'.
Focus On Premiumisation
It also hailed the group's strategy in focusing on premiumisation, brand development, products aimed at younger adults and women, and responsible alcohol consumption.
It said that it believes Stock Spirits' 'future growth potential will be realised by supporting management's existing strategy and also investing in strategic inorganic opportunities, while at all times managing the evolving regulatory environment across its core markets'.
Stock Spirits are being advised by J.P. Morgan Cazenove and Numis on the proposed deal.
In May, Stock Spirits said that it reported profits of €28 million in the first half of its financial year, a 91.6% increase on the corresponding period last year.