POLAND: Belvedere to acquire controlling share of Starogard Gdanski
Belvedere Dystrybucja, the Polish subsidiary of French spirits group, Belvedere, has announced that it is to acquire a 70% stake in Polish vodka producer, Starogard Gdanski SA, for PLN 31.85 million.
This announcement marks the completion of the deal agreed last summer to acquire 79.99% of the company for a total consideration of PLN 36.4 million.
"We are convinced that the deadline will be positively approved by the Treasury, and by the end of January our company will receive 70% of shares of Starogard Gdanski. At the same time we will be able to begin the realisation of the privatisation agreement," Belvedere said.
Under the terms of the deal, the French company has pledged to increase the capital of the Polish vodka producer by at least PLN 4 million to PLN 49.5 million over two years. Belvedere must also retain Starogard Gdanski's current drinks portfolio, integrate the company into Belvedere's distribution network and introduce new product lines.
Belvedere's Polish subsidiary markets one of the country's leading vodka brands, Sobieski, and with the integration of Starogard, estimates its market share will rise from 8% to around 14%. Starogard's leading brands are Zoladkowa, Krupnik, Dwor Artusa, and Gdanska.
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