NZ: 42 Below sells Charlie's shares
A New Zealand businessman has bought a stake in juice company Charlie's.
Tony Kerridge confirmed today (9 November) that he has bought a 4.4% share of the company from 42 Below, which bought a 4.7% stake in Charlie's in December last year. Earlier this year, Charlie's completed the purchase of rival juice company Phoenix Organics for a total of NZ$10m (US$6.6m),
"I have followed the Charlie's story for some time and have been very impressed with the company's market penetration, brands and unique marketing," Kerridge said. "I am very keen to actively invest in New Zealand success stories and the Charlie's and Phoenix brands are an excellent opportunity for me."
Although financial details were not disclosed, 42 Below bought a 4.7% stake in Charlie's for NZ$1.6m. The sale by the vodka company, which sold up to Bacardi in September for an all-cash deal of NZ$138m, was a reflection of the company's focus in the premium alcoholic beverage market, said 42 Below head Geoff Ross.
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