Manufacturing agreement with both Lucas Bols and De Kuyper in place
Amsterdam/Schiedam/Rotterdam, The Netherlands – October 11, 2022 – Today, Lucas Bols N.V. (“Lucas Bols”, Euronext: BOLS) and De Kuyper Royal Distillers (“De Kuyper”), two leading global cocktail spirits companies, and Refresco Group B.V. (“Refresco”) announce that they have entered into an agreement in which alcoholic beverage manufacturer Avandis will be acquired by Refresco. As part of the agreement, Lucas Bols and De Kuyper have entered into a long-term manufacturing contract with Refresco. The transaction is subject to regulatory approval and to a Works’ Council consultation process.
Avandis, a 50/50 joint venture of Lucas Bols and De Kuyper, is a leading beverage manufacturer based in Zoetermeer, the Netherlands. They have one of Europe’s most advanced bottling facilities for distilled beverages. Avandis provides a wide range of contract manufacturing solutions to brand owners in the alcohol category. Refresco fully supports Avandis’ growth strategy.
CEO Lucas Bols, Huub van Doorne, on the intended deal:
“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.”
CEO De Kuyper Royal Distillers, Mark de Witte, adds:
“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.”
CEO Refresco, Hans Roelofs comments:
“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 transaction includes a long-term contract manufacturing agreement with both Lucas Bols and De Kuyper, allowing Refresco to invest and expand the business
- The purchase price for 100% of the shares in Avandis amounts to EUR 25 million, to be adjusted for Avandis’ net debt position (31 March 2022: EUR 15 million) and any working capital adjustments, both as at completion date
- This transaction is subject to regulatory approval and the consultation process with the respective Works Councils
- Pending approval and Works’ Council processes, completion is expected by the end of 2022
Avandis is a 50/50 joint venture between Lucas Bols N.V. and De Kuyper Royal Distillers. Avandis has one of Europe ’s most modern bottling facilities for distilled beverages, with seven highly advanced production lines. Avandis provides beverage solutions to leading global cocktail and spirits companies, including Lucas Bols and De Kuyper as well as other brand owners. The Avandis production facility is BRC-AA certified and is located in Zoetermeer, the Netherlands.
About Lucas Bols
The Lucas Bols Company is a leading global cocktail and spirits player in the worldwide cocktail market and one of the oldest Dutch companies still active. Their mission is to create great cocktail experiences around the globe. The Lucas Bols Company is active in over 110 countries worldwide with a portfolio of more than 20 premium and super-premium brands. Their flexible and asset-light business model enables them to focus fully on innovation and strategic marketing to build the Lucas Bols brands.
Bols The World’s First Cocktail Brand includes the number-one liqueur range globally (not including the US). The Lucas Bols Company is also the world’s largest player in the genever segment, and the portfolio of brands also includes Passoã, the number-one passion fruit liqueur, and the ultra-premium Tequila Partida brand. The Lucas Bols Company has almost 450 years of experience in the art of distilling and blending spirits. It has been listed on Euronext Amsterdam (BOLS) since 4 February 2015.
About De Kuyper Royal Distillers
De Kuyper Royal Distillers is a family-owned liqueur and premium botanical-base spirits company founded in 1695 by Petrus De Kuyper. The company is headquartered in Schiedam near Rotterdam (NL). De Kuyper Liqueurs is the global market-leading brand in cocktail liqueurs. De Kuyper is both the owner and the producer of a number of world-famous liqueurs such as Peachtree, Heering, Kwai Feh, Acqua Bianca, Muyu, Dutch Cacao, Mandarine Napoléon, Bébo and the botanical-based spirits of the Rutte gin and genever. De Kuyper has been awarded “Liqueur Producer of the Year” at the International Spirits Competition (ISC) four years in a row (2019-2022). Mark de Witte is the company’s global CEO.
Refresco is a global independent beverage solutions provider for Global, National and Emerging (GNE) brands and for retailers, with production in Europe and North America. The company has full-year volumes and revenue of circa 12 billion liters and circa €4.1 billion, respectively. Refresco offers an extensive range of product and packaging combinations, from 100% fruit juices to carbonated soft drinks and mineral waters in carton, PET, Aseptic PET, cans, and glass. Focused on innovation, Refresco continuously searches for new and alternative ways to improve the quality of its products and packaging combinations in line with consumer and customer demand, environmental responsibilities, and market demand.
The Refresco Buy&Build strategy is aimed at capturing outsourcing and consolidation opportunities in the beverage industry, geographic expansion across developed markets, and further expansion in high-growth categories, i.e., plant-based and alcohol beverages. Refresco has completed more than 30 acquisitions over the last 20 years, with a strong track-record of value creation for its stakeholders. In recent years, it has leveraged the increasing trend of manufacturing being outsourced by brand owners to independent beverage solutions providers. Refresco is headquartered in Rotterdam, the Netherlands and has more than 13,000 employees. www.refresco.com
De Kuyper Royal Distillers |
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