The maker of Ketel One vodka has launched a management-backed offer to buy Dutch gin and spirits maker Lucas Bols for €269.5 million.
The Nolet Group, also of the Netherlands, said it has agreed to offer €18 in cash per share for Bols, a 76% premium to Bols' closing price on 6 October of €10.20.
Bols is the maker of Bols gins, passion-fruit drink Passoã, and Galliano liqueur. Family-owned Nolet makes Ketel One and Nolet's Gin.
'This will create a Dutch champion in the global spirits and cocktail market and preserve valuable heritage and growth potential for the long term,' they said.
Nolet and Lucas Bols complement each other in terms of markets, brands, innovation and marketing, which will enable further international growth, Lucas Bols said in a statement.
The Deal
Lucas Bols will retain its identity, name and brands. It will be brought into the Nolet Group as a separate company under the leadership of Lucas Bols's current chief executive Huub van Doorne and finance chief Frank Cocx, operating from its existing locations in Amsterdam.
Commenting on the announcement, van Doorne said, "The Lucas Bols team and passionate, entrepreneurial culture have been pivotal in our success over the past 17 years and can flourish within the new partnership.
"The strong family values and centuries of Dutch heritage of Nolet are a great fit with the Lucas Bols culture and together we will reinforce this valuable heritage as a Dutch champion for the very long term. Our relationship with Nolet has always been very respectful and constructive and we look forward to an exciting and successful future."
Carel Nolet, chair of Nolet Group added, "As a family, we are extremely pleased to bring two of the most successful Dutch distilleries together. By combining forces, we are jointly continuing our rich history and thereby preserving valuable heritage under one Dutch flag for the long term.
"Nolet has been operating in this industry for 11 generations. We have the focus, the resources and the stamina to further accelerate growth for The Lucas Bols Company and provide for a new strong home base for the long term."
News by Reuters, additional reporting by ESM.
