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News 11.10.2022

Lucas Bols and De Kuyper to sell alcoholic beverage manufacturer Avandis to Refresco

Today, Lucas Bols N.V. and De Kuyper Royal Distillers, two leading global cocktail spirits companies, and Refresco Group B.V. announce that they have entered into an agreement …

Lucas Bols and De Kuyper to sell alcoholic beverage manufacturer Avandis to Refresco
(Photo: Refersco)

Today, Lucas Bols N.V. and De Kuyper Royal Distillers, two leading global cocktail spirits companies, and Refresco Group B.V. announce that they have entered into an agreement in which alcoholic beverage manufacturer Avandis will be acquired by Refresco. As part of the agreement, Lucas Bols and De Kuyper have entered into a long-term manufacturing contract with Refresco. The transaction is subject to regulatory approval and to a Works’ Council consultation process.

Avandis, a 50/50 joint venture of Lucas Bols and De Kuyper, is a leading beverage manufacturer based in Zoetermeer, the Netherlands. They have one of Europe’s most advanced bottling facilities for distilled beverages. Avandis provides a wide range of contract manufacturing solutions to brand owners in the alcohol category. Refresco fully supports Avandis’ growth strategy.

Transaction highlights

  • The transaction includes a long-term contract manufacturing agreement with both Lucas Bols and De Kuyper, allowing Refresco to invest and expand the business
  • The purchase price for 100 % of the shares in Avandis amounts to EUR 25 million, to be adjusted for Avandis’ net debt position (31 March 2022: EUR 15 million) and any working capital adjustments, both as at completion date
  • This transaction is subject to regulatory approval and the consultation process with the respective Works Councils
  • Pending approval and Works’ Council processes, completion is expected by the end of 2022
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