C&C Group to acquire Asahi UK wholesale business

M&A · PartnershipEarnings
โดย Just Drinks·GB·Read original
Summary · why it matters

C&C Group has agreed to acquire Asahi Group Holdings' Nectar Imports wholesale and distribution business in the UK for nominal consideration. The assets will be folded into C&C's Matthew Clark Bibendum wholesale operation, and the deal includes the lease of Nectar Imports' depot in Hindon in Wiltshire. Under the agreement, MCB will assume the supply arrangements for the Fuller, Smith & Turner on-trade estate, while Asahi will end its direct distribution services from its Griffin Brewery site in west London, which will transfer to MCB; Asahi retains full ownership and operational control of the Griffin Brewery, including production of London Pride. C&C chief executive Roger White said the deal would bring a significant number of new customers to MCB along with immediate scale and efficiency, and Asahi UK managing director Tim Clay called MCB the right long-term home for Nectar Imports and Asahi UK's existing direct distribution customers. The agreement was announced alongside C&C's trading for the six months to 31 August, in which net revenue declined 3% year on year, with branded revenue up 2% and distribution revenue down 4%, and the company expects first half underlying operating profit of between €43m and €44m.

Impact on stocks 3

Consumer Staples▲ · 2 stocks
Asahi Group Holdings Ltd
2502
▲ PositiveCapitalrelevance

Asahi divests its Nectar Imports wholesale and direct distribution business while retaining full ownership and operational control of the Griffin Brewery.

C&C Group plc
CCR
▲ PositiveCapitalrelevance

C&C agrees to acquire Asahi's Nectar Imports wholesale business for nominal consideration, adding scale and new customers to its MCB operation.

Consumer Discretionary▲ · 1 stocks
Fuller Smith & Turner
FSTA
± MixedSupplyrelevance

Fuller, Smith & Turner's on-trade estate supply arrangements will be assumed by MCB under the deal, but no financial impact on Fuller is stated.

Off-coverage companies 1

Matthew Clark BibendumPrivate▲ Positive
Capitalrelevance

Matthew Clark Bibendum folds in Nectar Imports assets, gains a Wiltshire depot lease, and assumes supply for Fuller's on-trade estate.

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