M&A Deal Summary

Asahi Group Holdings Acquires Independent Liquor

On August 18, 2011, Asahi Group Holdings acquired beverage company Independent Liquor from Unitas Capital and Pacific Equity Partners for 1.5B NZD

Acquisition Highlights
  • This is Asahi Group Holdings’ 4th transaction in the Beverages sector.
  • This is Asahi Group Holdings’ largest (disclosed) transaction.
  • This is Asahi Group Holdings’ 1st transaction in New Zealand.

M&A Deal Summary
Date 2011-08-18
Target Independent Liquor
Sector Beverages
Buyer(s) Asahi Group Holdings
Sellers(s) Unitas Capital
Pacific Equity Partners
Deal Type Add-on Acquisition
Deal Value 1.5B NZD

Target

Independent Liquor

Papakura, New Zealand
Independent Liquor is the market leader in the Australasian ready-to-drink alcoholic beverages category, the fastest growing component of the Australasian industry. Independent Liquor also manufactures and distributes beer, wine and spirits.

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Buyer(S) 1

Buyer

Asahi Group Holdings

Tokyo, Japan
Category Company
Founded 1889
Sector Beverages
Employees28,639
Revenue 2.77T JPY (2023)
DESCRIPTION

Asahi Group Holdings is a manufacturer and seller of alcoholic beverages, soft drinks, and food products under various brand names in Japan and internationally. Asahi Group Holdings was founded in 1889 and is based in Tokyo, Japan.

DEAL STATS #
Overall 6 of 10
Sector (Beverages) 4 of 7
Type (Add-on Acquisition) 4 of 8
Country (New Zealand) 1 of 1
Year (2011) 2 of 3
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-04 P&N Beverages Australia Pty

Goodna, Australia

P&N Beverages Australia Pty Ltd. is a provider of beverages.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-30 Mountain H2O Pty

Albury, Australia

Mountain H2O Pty Ltd. is a mineral water company.

Buy -

Seller(S) 2

SELLER

Unitas Capital

Hong Kong, China
Category Private Equity Firm
Founded 1999
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Unitas Capital is a private equity firm focused on buyouts and growth capital investments in medium-to-large sized businesses across Asia. Unitas targets opportunities throughout Australia & New Zealand, Greater China, Korea, Japan and Singapore. Areas of interest include branded consumer, retail and industrial manufacturing/services. Unitas dates back to 1999 (when it was part of and known as J.P. Morgan Partners Asia) and has offices in Hong Kong and Shanghai.

DEAL STATS #
Overall 7 of 13
Sector (Beverages) 1 of 1
Type (Add-on Acquisition) 4 of 6
Country (New Zealand) 1 of 1
Year (2011) 1 of 2
Size (of disclosed) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-13 Hyva

Alphen aan den Rijn, Netherlands

Hyva is a provider of hydraulic cylinders and hydraulic tipping solutions for application in heavy-duty transportation equipment used in industries such as infrastructure, mining and environmental services. Hyva was founded in 1979 and is based in Alphen aan den Rijn, Netherlands.

Buy €525M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-27 Exego Group Pty

Mulgrave, Australia

Exego Group is Australasia's leading provider of automotive aftermarket parts and accessories, servicing both trade and retail customers through a network of 435 stores across Australia and New Zealand. The Company operates through 4 divisions: Repco Australia/Repco NZ (aftermarket resellers); Ashdown Ingram (specialist supplier of auto electrical & thermal products); McLeod Accessories (motorcycle accessories) and Motospecs (specialty products).

Buy -
SELLER

Pacific Equity Partners

Sydney, Australia

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 10.0B AUD
Size Mega
Type Sector Agnostic
DESCRIPTION

Pacific Equity Partner (PEP) is a private equity firm focused on buyout and late stage expansion capital investments in Australia and New Zealand. PEP typically partners with management teams in acquiring businesses and focuses on transactions valued up to AU$1 Billion. The Firm prefers control situations and typically holds investments for three to six years. PEP will not invest in start-ups or unprofitable businesses, as well as gambling or tobacco companies. Pacific Equity Partners was formed in 1998 and is based in Sydney, Australia. The Firm targets various industries.

DEAL STATS #
Overall 6 of 22
Sector (Beverages) 2 of 2
Type (Add-on Acquisition) 4 of 13
Country (New Zealand) 3 of 6
Year (2011) 2 of 2
Size (of disclosed) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-05-01 Tegel

Auckland, New Zealand

Tegel manufactures a range of other processed meat products, including sausages, for which it is the country's second-largest producer. It has a network of 38 breeder farms, three hatcheries, 93 farms, three processing plants, and five distribution centers. Tegel was established in 1961 and is based in Auckland, New Zealand.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-04 SCA Hygiene Australasia Pty

Melbourne, Australia

SCA Hygiene Australia (SCAHA) is the Australasian joint venture arrangement between PEP Funds and Svenska Cellulosa Aktiebolaget (SCA), a Sweden-based global hygiene and paper company that develops and produces personal care and tissue products.

Buy AU$570M
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