energizing beverages Following a $14 million purchase from Suntory Beverage & Food Limited (SBF), the Ribena and Lucozade trademarks will be operated by Africa FMCG Distribution Ltd (AFDL).
The deal, which is expected to cost $7 million per share and loan, will be completed in the second quarter of 2022, pending approval from Nigerian regulatory authorities.
The new owner, AFDL, is a subsidiary of Chanrai Summit Group, a multi-faceted distribution corporation that plans to grow the business by using its strong supply chain management infrastructure.
Kazuhiro Saito, CEO of SBF said, “As part of our regular strategic portfolio review and considering the broad options in Nigeria to accelerate the growth of our brands, we have decided that it is best to launch a new operating model in Nigeria, leveraging the extensive distribution network, and the expertise in the local market that AFDL possesses.”
Anjan Patole, Managing Director of SBFN, also expressed delight about the transaction pointing out the new owner would expand the business.
He said, “The sale of our beverage operations in Nigeria signifies a fantastic opportunity to leverage on Chanrai’s Group expertise to expand the business and talents of our people beyond our current potential. Their extensive global systems, agility to changing market needs with a focus on African consumers are all qualities that aligned with that of our business here.”
Sherring Thekekkara, the CEO of AFDL said, “Leveraging experience, streamlining supply chain, enhancing manufacturing, consistent innovation and improving seamless route to market etc will ensure that the Nigerian consumer continues to enjoy their favourite brands “Lucozade” and “Ribena” even more passionately.”
Japanese firm, Suntory Beverage & Food Limited (SBF) became the brand owner of Ribena and Lucozade in 2016 after it partially acquired the brand from GlaxoSmithKline Consumer Nigeria Plc (GSK).
The brand was completely sold out to SBF after the GSK’s Board approved the binding offer to sell its drinks bottling and distribution business.
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