NZ: Charlie’s pips it for Phoenix Organics

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Charlie's has bought fellow juice company Phoenix Organics for NZ$10m (US$7.18m).

The New Zealand company will own Phoenix's range of organic juices and sparkling drinks as well as its West Auckland manufacturing and warehousing facility, according to the New Zealand Herald.

The purchase price will be paid in cash in two instalments, the first, of NZ$8m, on 29 December and the rest on 28 February.

According to reports, the acquisition will be financed from the company's resources, such as an equity loan facility and placement of NZ$3.5m of shares.

Charlie's chief executive, Stefan Lepionka, said that the company had been clear that its recent listing on the stock exchange was partly in order to raise funds for potential acquisitions.

"Phoenix Organics is a well-loved brand and we want that to continue. As for other plans, it really is too early to say," Lepionka told local press.

Two months ago Charlie's ditched plans to buy the speciality juice and smoothie brand Arano, which would have cost NZ$4.65m in cash and NZ$6m in shares.

Charlie's initially plans to maintain the current Phoenix brands and keep on its staff and management but, according to reports, further integration may be looked at in the future.

Sectors: Soft drinks

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