The Keepers Holdings Inc., the liquor holding company of businessman Lucio Co, said Thursday it signed a share purchase agreement over a 50-percent stake in Bodegas Williams & Humbert SA for 88.75 million euros, or about P5.05 billion.
The Keepers said in a disclosure to the stock exchange the acquisition is part of its strategic long-term investment aimed at enhancing its position as the largest imported liquor distribution in the Philippines.
It said the purchase would be bottom-line accretive from its share in the future net income of Bodegas Williams & Humbert. The final purchase price was based on the independent valuation by PricewaterhouseCoopers.
The Keeper said the amount would be paid in cash upon the signing of the share purchase agreement and completion of other legal requirements.
Bodegas Williams & Humbert is a Spanish company with over 140 years of history producing alcoholic beverages. The company, owned by the Medina family, is the producer of “Alfonso,” a leading brandy brand.
The Keepers distributes Alfonso brandy in the Philippines and accounts for 60 percent of the company’s revenues.
“The Keepers’ acquisition of up to 50 percent of Bodegas Williams & Humbert SA will secure the company’s supply line of its biggest brand and category, ‘Alfonso’,” the liquor firm said.
“It will also transform the company’s business model from trading to a manufacturing/distribution one,” it said.
The Keepers will fund the acquisition from the P4.5-billion share sale it conducted in 2021. The company earlier said it was looking for possible acquisitions overseas to expand its portfolio.
Bodegas Williams & Humbert is a respected family-owned winery in Jerez de la Frontera, Spain. It is producing a wide variety of wine and spirits specially sherry and is the leading producer of light brandy. The company distributes its products in Spain and 50 other countries.
Bodegas Williams Humbert SA’s total assets stood at 124 million euros as of end-2021.
The Keepers is the Philippines’ leading distributor of international brands of spirits, wines and specialty beverages. These include iconic brands Johnnie Walker, Chivas Regal, Glenfiddich, Suntory, Jinro, Jose Cuervo, Jim Beam, Penfolds and Red Bull.
