UK: Stock Spirits turns predator with refinancing deal
Stock Spirits eyes acquisitions
Stock Spirits has morphed from potential prey to predator in the acquisitions arena following a deal to refinance its bank facilities.
Stock said late last week that it has agreed a new EUR220m (US$308m) financing plan with its major lenders. The plan includes EUR170m of loans and a EUR50m revolving credit facility, which will expire in 2017 and 2018, respectively.
After Stock's private equity owner, Oaktree Capital, decided to retain ownership of the group earlier this year, Stock is once again eyeing potential acquisitions of its own. The revolving credit facility includes funding available for the company to pursue takeovers.
Stock's CEO, Chris Heath, said: “These new facilities will support our long-term organic growth strategy in Central Europe, and will also enable us to pursue complementary acquisition opportunities as and when they arise.”
At the start of 2011, Heath told journalists that the group had "a number of potential targets" in mind. However, this became overshadowed by Oaktree Capital's strategic review of its ownership of the Czysta de Luxe vodka producer.
During that period, Diageo briefly showed interest in buying Stock, primarily for its strong distribution platforms in Central & Eastern Europe. Stock claims to be the number one spirits group by volume in Poland and Czech.
Earlier this year, just-drinks sat down with David Gates, the global category director of whisk(e)y at Diageo, to talk about Johnnie Walker, Formula One, Scotch and the other whisk(e)y sub-categories....
Diageo has declined to comment on the latest report out of India claiming that the drinks giant is back in talks to buy a stake in United Spirits....
Diageo has completed its token tender offer for the remaining shares in Shuijingfang in China....
Heineken has lined up the creation of a sales business development role in the US....
- Brown-Forman's march on premium whisk(e)y -Comment
- Are consumers getting tired of consuming?
- Where does AB InBev see the future of beer?
- SABMiller in Cent'l & E Europe - What is for sale?
- Will US consolidation leave craft alcohol exposed?
- Brown-Forman to buy BenRiach Distillery Co
- Bacardi rolls out new global Martini ad - video
- Brown-Forman appoints new GTR marketing head
- Guinness Nigeria sees YTD sales, profits tumble
- Bacardi recruits ex-News International exec
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends
- Consumer and Market Insights: Wine Market in China
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends
- What Next for Beer and Brewers Following the MegaBrew Deal?
- Emerging Drinks Industry Trends