Fuller’s have announced that it has entered into an agreement for the sale of its entire beer business to Asahi Europe Ltd (“AEL”), a wholly owned subsidiary of Asahi Group Holdings, Ltd (“Asahi”), for an enterprise value of £250 million on a debt free, cash free basis (the “Proposed Disposal”).
The business being sold comprises the entirety of Fuller’s beer, cider and soft drinks brewing and production, wine wholesaling, as well as the distribution thereof, and also includes the Griffin Brewery, Cornish Orchards, Dark Star Brewing and Nectar Imports (the “Fuller’s Beer Business” or the “Beer Business”).
Hector Gorosabel, chief executive at Asahi Europe said: “Asahi Europe has already established a leading presence in the premium beer category. Welcoming these brands and operations to our business will further consolidate that position, enabling us to even better serve our customers and consumers.
“At the same time, our global footprint will enable us to unlock the potential in these brands internationally to significantly enhance their scale and value. It is another step towards realising Asahi Europe’s vision of becoming a global brewing powerhouse built on our commitment to brewing excellence and quality.”
The deal will see beers from the Asahi portfolio – including Asahi Super Dry, Peroni Nastro Azzurro and Meantime – sold in Fuller’s-owned pubs.
Asahi has also acquired the Chiswick-based Griffin Brewery where it will continue to brew.
Fullers have sad that following completion of the proposed disposal, it will be a “focused, premium pub and hotel operator” pursuing its previously stated strategy of running a, high quality estate, with well-located, well-invested, predominantly freehold sites. Fuller’s will form a strategic alliance with Asahi that will ensure continued access to the high quality premium beer brands Fuller’s has always brewed