US: CEDC closes Bols Hungary buy
Central European Distribution Corporation has completed its purchase of Bols Hungary.
The US-based company confirmed yesterday (13 July) that it had acquired 100% of Bols' share capital from Remy Cointreau and DELB. CEDC has also bought the Royal Vodka trademark - the number one selling vodka in Hungary - for around US$19.6m.
In the full year to March, Bols Hungary had net sales excluding excise tax of around US$22m and achieved a net income margin of approximately 8% to 10%.
CEDC said that it expected the transaction to be accretive to 2006 fully diluted earnings per share.
Speaking to just-drinks last month, CEDC's president and CEO, William Carey, said: "As the producer of Royal Vodka in its home market, we feel this is a very natural fit. Also, when you look at a market like Hungary, where the majority of the drinks business is in the on-trade, it pays to have an on-trade sales force - something that Bols Hungary has."
In June, CEDC renewed its distribution agreement for its Zubrowka vodka brand with Pernod Ricard, which had held the distribution rights to Zubrowka since it agreed a deal with the brand's previous owner, Polish distiller Polmos Bialystok. CEDC bought Bialystok last year.
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