BRAZIL: AmBev signs agreement to acquire Nortena; second acquisition in South America this year confirms international expansion plans
Cympay had net revenues of US$35 million in 2000 (fiscal year ending June 30), with 266 employees, and operates in three business segments:
Beer: Cympay has 24% of the beer market in Uruguay. It sells the Nortena and Prinz brands, accounting for 26% of net sales. The beer business has annual production capacity of 300,000 hl, and utilization was 62% in 2000;
Malt: Production totaled 81,000 tons in 2000, which represents 69% of net sales; and
Mineral Water: Cympay owns 78.42% of Fuente Matutina S/A, with an 8% market share in Uruguay. Sales volume of mineral water was 115,000 hl in 2000, representing 5% of net sales.Cympay is expected to close fiscal 2001 with EBITDA of US$6 million. The deal value of US$45 million, therefore, represents an EV/EBITDA multiple of 7.5x. Through this acquisition, AmBev's Uruguayan beer market share will grow to 48%. AmBev's malt business, which represents 3% of net sales on a consolidated basis (excluding this acquisition), will be further strengthened by Cympay's malt production.
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