Contract manufacturer Refresco has entered into an agreement to acquire alcoholic beverage manufacturer Avandis from Lucas Bols N.V. and De Kuyper Royal Distillers.
Avandis, a 50/50 joint venture of Lucas Bols and De Kuyper, operates one of Europe’s most advanced bottling facilities for distilled beverages, Refresco added.
It offers a wide range of contract manufacturing solutions to brand owners in the alcohol category.
The chief executive 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&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’. I look forward to welcoming the Avandis team to Refresco."
The agreement includes a long-term manufacturing contract between Refresco and Lucas Bols and De Kuyper.
The purchase price for 100% of the shares in Avandis will amount to €25 million.
It will be adjusted for Avandis’ net debt position (31 March 2022: €15 million) and any working capital adjustments as of the completion date.
The transaction is subject to regulatory approval and a Works’ Council consultation process and is expected to close by the end of 2022.
The chief executuve of Lucas Bols, Huub van Doorne, 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."
Mark de Witte, CEO of De Kuyper Royal Distillers, 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."
© 2022 European Supermarket Magazine – your source for the latest packaging news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.