SA/GERMANY: KWV acquires full control of Golden Kaan from Racke
South Africa's KWV and Racke from Germany have dissolved their wine joint venture, with KWV acquiring 100% of the Golden Kaan brand as of yesterday (1 September).
Both companies held a 50% share of Golden Kaan Ltd, with KWV providing the product and Racke responsible for most distribution.
KWV said it made the acquisition as part of its ongoing growth strategy and that the brand would dovetail nicely with its current portfolio of products.
Golden Kaan's MD, Marian Kopp, said Racke sold its shares because it saw it as being a good viable offer, which made it a sensible commercial decision. Financial details behind the transaction were not disclosed.
The Golden Kaan wine brand, which has three tiers, was launched in 2003 and has to date sold more than 1.7m six-bottle cases in 30 countries with Germany proving the most popular market.
Racke will continue distributing the brand through its European operations and Kopp, who is based in the US, will remain in his current post to manage the transition until mid-2010.
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