Acquisition, Distillery, Czech Republic
Granette a.s., the Czech Republic based producer of liquors and spirits and wholly owned by Milan Hagan, Czech Republic based private investor holds interests in brewing and spirit market, has acquired Palirna U Zeleneho Stromu - Starorezna Prostejov a.s., the Czech Republic based distillery and exporter of spirits, for an estimated consideration of CEZ 250 million (EUR 9.74 million).
The acquisition is part of Granette’s strategy to expand its distribution net and increase its production capacity. The transaction is expected to create a second largest spirit producer in the Czech market. Current annual production volume of the group amounts 125,000 hectoliters of spirits representing 20% of Czech Republic’s total spirit production. Post acquisition, the companies will continue to operate as separate legal entities with their existing management teams. The acquisition closed on 29 April 2010.