JAPAN: Suntory completes Orangina Schweppes buy
Suntory Holdings has completed the acquisition of Orangina Schweppes from private equity firms Blackstone Group and Lion Capital.
Suntory will take sole ownership of Orangina Schweppes after securing regulatory clearance for a binding offer put to Blackstone and Lion, the private equity groups announced today (13 November).
A fee for the deal was not disclosed, but sources close to the situation previously cited the transaction to be in the region of EUR2.6bn (US$3.8bn).
Suntory said today: "This acquisition of Orangina Schweppes Group will provide Suntory with a solid platform in Europe in the soft drinks business, and is a further step in Suntory's global expansion strategy."
It added that it will look to consolidate its non-alcoholic drinks and food operations following the deal.
"It aims to maximise synergies with Suntory's existing non-alcoholic beverage and food businesses Frucor Group in Australasia, Cerebos Pacific in South East Asia, Tipco F&B, a JV in Thailand and the strong domestic platform in Japan," said the Japan-based firm.
Paris-based Orangina Schweppes employs 2,500 people and had annual sales of JPY138bn (US$1.5bn) in 2008, via brands such as Orangina, Oasis and Schweppes.
Lion Capital and Blackstone Group acquired Orangina from Cadbury in 2006 for around US$2.6bn.
The wave of major consolidation activity in the beer market over 2008 was followed by weakening volume growth in 2009 as the economic downturn put a dampener on bullish tactics. With the global beer l...
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