Thursday 23 September 2021

Cerveceria Costa Rica to buy North American Breweries

Paying the bills

Latest

Why the billions in English are not like the billions in Spanish

What amount would you prefer to have saved in...

Health confirms 15 cases of malaria on the border with Nicaragua

QCOSTARICA - An outbreak of 15 people positive for...

Conditions worsen for Haitian migrants on US-Mexico border

Q24N - Conditions are deteriorating in a camp on...

Costa Rica, Panama and Dominican Republic seek a solution for Haiti

QCOSTARICA - Costa Rica President Carlos Alvarado, Luis Abinader...

Mexico finds a Latin American ally in Venezuela’s Maduro

Q24N - The recent summit of the Community of...
Paying the bills

Share

(Reuters) – Costa Rica’s brewery, the Cerveceria Costa Rica,  struck a deal to buy privately held North American Breweries, which sells Genesee and Labatt beer in the United States, for U$388 million in cash.

KPS Capital Partners, the private equity firm that owns North American Breweries, said in a statement on Friday that it expected the deal to close in the fourth quarter. KPS earned a return of more than 9 times invested capital on the sale, according to a source familiar with the matter.

Cerveceria Costa Rica, a unit of Florida Ice and Farm Co S.A., holds the beer brands Imperial, Pilsen, Bavaria, Rock and Heineken (under license).

- Advertisement -

NAB’s other brands include Honey Brown Lager, Magic Hat and Pyramid.

Reuters reported last month that the brewer, one of the largest independently owned beer companies in the United States, was up for sale.

KPS formed the company in February 2009 when it bought the Labatt brands in the U.S. for an undisclosed price from Anheuser-Busch InBev (ABI.BR).

The brewing giant needed to sell the business in order to receive Justice Department clearance for InBev’s $52 billion takeover of U.S. rival Anheuser-Busch. AB InBev still sells Labatt beer outside of the U.S.

North American Breweries bought the privately held brewer of Genesee and Dundee brands in February 2009. It acquired Independent Brewers United Inc, which owned Magic Hat and Pyramid, in 2010.

The global brewing industry has been rife with deals as the industry leaders, such as AB InBev, SABMiller PLC (SAB.L) and Heineken (HEIN.AS), seek to boost their exposure in emerging markets and take on smaller brands.

- Advertisement -

Craft, or small batch, beers, such as Magic Hat, have also been a bright spot in a U.S. beer market that has been in decline for three years as many drinkers have switched to wine or cocktails.

- Advertisement -
Paying the bills
Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Why the billions in English are not like the billions in Spanish

What amount would you prefer to have saved in the bank,...

Health confirms 15 cases of malaria on the border with Nicaragua

QCOSTARICA - An outbreak of 15 people positive for malaria on...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.