Leading Croatian alcoholic beverage producer Badel 1862 has extended the deadline for filing partnership proposals for a strategic tie-up and recapitalisation.
The company has been in pre-bankruptcy proceedings since 2013.
The previous attempt to find a strategic partner attracted one binding bid in April 2014 by local company Princeps Promet, which was subsequently rejected. Last month, Badel 1862 again invited bids, setting May 18 as the deadline. However, it has now put back the deadline to May 29.
The partnership proposals should outline a five-year business plan and contain a commitment for recapitalization in cash of at least HRK 150 million (€19.8 million) within 60 days. The bidder also has the obligation of maintaining the company’s core business operations for a period of no less than five years.
Before submitting their offers, interested bidders have the right to request participation in the due diligence procedure.
Badel 1862, which is 67.68%-owned by the Croatian government, engages in the manufacture of distilled potable alcoholic beverages and its products include spirits, wines, and soft drinks. The company was founded in 1862 and is headquartered in Zagreb.
Badel 1862 has a 50% share of the local market, while in terms of exports the share rises to 70%. The company markets around 15 brands, of which the most famous are Badel Prima Brand and Badel Pelinkovac. It is also the local distributor of leading brands such as Bacardi, Martini, Bombay Gin, Underberg, Sierra Tequila, Grey Goose, Dewar’s Whisky, Marie Brizard, Pitu and Otard Cognac.
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic
