Nigerian Breweries ,NB, has completed the acquisition of a majority stake in Distell Wines and Spirits Nigeria Limited (Distell Nigeria), the company said in a regulatory filing on Saturday.
The acquisition was concluded after the approval of the South Africa Reserve Bank ,SARB, for NB to acquire the shares of the South African entity, Distell International Limited (now known as Heineken Beverages Holdings Limited) in Distell Nigeria.
With the transaction, Nigerian Breweries now controls 80% stake in Distell Wines and Spirits Nigeria Limited.
“With the acquisition, Nigerian Breweries will have access to both the local production and the importation of wines, spirits, and flavoured alcoholic beverages brands from South Africa, including Amarula Crèam Liquor, Nederburg, Drostdy-Hof, 4th Street, Bain’s Whiskey, Knight Whiskey, Scottish Leader Whiskey, Chamdor wine ranges, Hunters, and Savanna”, NB said.
Last year, Nigerian Breweries shareholders approved the acquisition of Distell Nigeria.
The Managing Director, Nigerian Breweries Plc, Hans Essaadi said, “This acquisition is part of efforts to provide access to a complementary multi-category portfolio of fast-growing brands of wines and spirits market segment and capture significant growth opportunities in the wines and spirits segment of the brewing industry. We are excited to have the process completed and can’t wait to see how this transforms our business”.
The Managing Director, Distell Nigeria, Mr. Steve Ighorimoto, said the deal would increase the capacity necessary to achieve improved business performance.
“We are excited to be a part of Nigerian Breweries, as we share in the solid track record of growth, including a highly engaged, dynamic, experienced, and diverse team. These changes will strengthen the organization’s manufacturing, marketing, and distribution capabilities while ensuring sustainable growth and maximum value creation for all stakeholders”, Ighorimoto said.
