LUCIO L. CO-LED liquor distribution company The Keepers Holdings, Inc. (Keepers) is acquiring 50% of local liquor producer Cervia Global Trading, Inc. for P40 million as it expands into the premium local spirits market.
Keepers is buying 125,000 shares in Cervia Global at P320 per share, it said in a regulatory filing on Wednesday.
Cervia Global is the maker of Filipino liqueur brand “SULÀ.” It has business interests in the production of premium local alcoholic beverages, particularly liqueurs, using Philippine-grown raw materials for distribution to both domestic and international markets.
“The acquisition of a 50% stake in Cervia Global Trading, Inc. gives Keepers a strategic entry point into the premium local spirits market, while also positioning the company for growth in international markets,” Keepers said.
Keepers is buying Cervia Global shares held by Caesar R. Certeza, Mark Daniel L. Rivera, Vernon A. Carandang, and Margherita Y. Rauto.
“The amount of consideration was based on the revenue potential of Cervia Global,” Keepers said.
Keepers is the liquor distribution subsidiary of Co-led retail holding company Cosco Capital, Inc.
The company’s board previously approved the incorporation of a subsidiary to establish a chain of retail outlets for alcoholic beverages and related products.
For the first quarter, Keepers saw a 14.3% increase in net income to P690 million. Consolidated revenue grew by 20.9% to P4.06 billion on higher sales volume driven by the brandy segment.
Keepers is the distributor of various global liquor brands such as Johnnie Walker, Chivas Regal, Glenfiddich, Suntory, Jinro, Jose Cuervo, Jim Beam, Penfolds, Red Bull, Alfonso, and many others.
Shares in Keepers were unchanged at P2.57 per share on Wednesday. — Revin Mikhael D. Ochave
