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AUS: Micro-brewing float planned after Colonial sale

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Niche Australian beer maker Colonial Brewing Co will reportedly form the foundation of a A$30m (US$21.6m) float after being sold to a group of investment bankers.

Colonial Brewing founder and managing director Ross Smith told The West Australian newspaper today (20 March) that the A$15m sale was conditional on the planned listing, which is slated to occur in six months.

"It is a group of Perth investment bankers who see micro-brewing where wine was 15 years ago," Smith told the paper.

"These guys have been sniffing around Colonial for some time following our progress because we've developed eight brands with the ability to take our business model and put it into major capital cities."

The float may include a stable of imported premium brands and a beer club in a bid to repeat the booming success of wine clubs in Australia, the report said.

"The two fastest growing sectors in the Australian beer market are premium imported and craft beer," Smith added.

Smith said Colonial enjoyed annual revenues of between A$1.5m and A$2m and generated earnings of A$450,000. He plans not to take a seat on the company's board, nor have any involvement in the new company except for a shareholding of up to 10%.


Sectors: Beer & cider

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