Lucio Co’s The Keepers to Acquire 50% of Brandy Maker ‘Alfonso’
September 15, 2022 | 1:25 p.m.
MANILA, Philippines — Lucio Co’s imported liquor distribution company, The Keepers Holdings Inc., said Thursday it had sealed the purchase of 50% of the shares of a 140-year-old Spanish winery famous for the “Alfonso” brandy.
In a statement sent to the Philippine Stock Exchange, Keepers said it had entered into share purchase agreements for a 50% stake in Bodegas Williams & Humbert SA. The retail mogul’s listed company said it would strengthen its competitive position as it would also become an alcohol maker.
“It will also transform the business model of the company from a pure commercial model to a manufacturing and distribution model and provide an opening to markets outside the Philippines. The equity investment will also be earnings accretive to its share of Bodegas Williams & Humbert’s future net income,” the company said in the disclosure.
The Jerez-based winery has assets worth €124 million at the end of 2021. The co-managed company will have to shell out €88.75 million as part of the deal to buy shares, which is based on global accountancy firm PricewaterhouseCoopers. Evaluation.
The Spanish winery is considered the leading producer of light brandy and distributes its products in Spain and in 50 countries. As it stands, the company has been producing Alfonso, considered the finest imported brandy from the Philippines, for two decades.
The Keepers is responsible for importing liquor brands into the country including Johnnie Walker, Chivas Regal, Glenfiddich, Suntory, Jinro, Jose Cuervo, Jim Beam and Red Bull.
Shares in The Keepers are currently on hold but will be lifted once they submit the full disclosure requirements set by the PSE’s substantial vesting rule.