The beverage sector has seen a number of corporate transactions in recent times, with bottling companies in particular playing a leading role. Coca-Cola and the world of beer.
Coca-Cola has reorganised its franchise network in Spain.
In 2011, a process of concentration of the Coca-Cola franchise network in Spain began. During 2012 there have been several movements among the different shareholders of the bottling companies. Some of them have taken advantage of the situation to obtain much-needed liquidity and others have taken positions in order to have greater representation in the final company.
Cobega, the bottling company for Catalonia, Aragon and the Balearic Islands, has led the merger of the multinational's distributors in Spain. The first operation was the acquisition of 67% of the capital of the Galician company Begano, one of the seven that make up the Spanish franchise network. Once the merger process is completed, Cobega controls more than 50% of the soft drinks distribution giant and reserves the chairmanship and the position of CEO.
Another of the families that have bet on the process has been the Valencian Gómez-Trenor family. After learning weeks earlier of the takeover of Begano by Cobega, sources at Coca-Cola España confirmed that the Gómez-Trenor family, the main shareholder of the Valencian company, would take control of the company. Colebega, had raised its shareholding in Rendelsur, the franchisee for Andalusia, to a percentage in the vicinity of but not exceeding 10%. This stake was acquired from the Mora-Figueroa family, which continued to hold a majority stake in the Andalusian company.
«El proceso surge con la necesidad de optimizar la estructura de distribución de la marca. En un mercado con poca expectativa de crecimiento natural, la mejora del beneficio se espera obtener de mejoras operativas y de eficiencia. Otra de las razones proviene de la propia marca que de esta manera reduce el número de interlocutores y simplifica su gestión», analiza Diego Gutierrez experto en finanzas corporativas en Abra Invest.
Beer goes international
Mahou-San Miguel ha protagonizado su primera adquisición en un país emergente con la compra del 50% de la compañía india Arian Breweries & Distilleries Ltd. El Grupo Mahou-San Miguel, con presencia en 41 países, ocupa la primera posición como productor en España y fabrica más del 75 % de la cerveza nacional que se exporta. Con este acuerdo de joint-venture, Arian B&D Ltd. fabricará y comercializará en India las marcas locales «Dare Devil» y «Caribbean» además de los productos de la gama Mahou.
Otra operación curiosa en el mundo de la cerveza ha estado protagonizada por la empresa de calzado de Elche «Gioseppo footwear» con su entrada en la ibicenca Isleña. La operación ha supuesto la compra de un 13% de participación.
Cacaolat: main restructuring operation
The operation of Cacaolat from the insolvency proceedings of Nueva Rumasa ended with the acquisition by Damm, Cobega and the specialised investor Victory Turnaround. The buyers have paid €75M to the tender and have committed to an investment of €200M.
«Esta operación supone un paso hacia la diversificación dentro del sector de bebidas de ambas empresas compradoras. Damm ya tiene presencia en agua mineral y con esta compra añade un nuevo producto a su portfolio.» señala Diego Gutierrez.