Thai Beverage has bought a 75% stake in Myanmar Distillery Company (MDC), the maker of Grand Royal whisky, for $1 billion.
Texan private equity firm TPG sold its 50% stake to ThaiBev for a reported $494.4 million. The deal also includes MDC’s supply chain business.
MDC is Myanmar’s largest spirits company, and along with Grand Royal it also makes a range of other whiskies and gins at its sites in Mandalay and Yangon.
The move sees ThaiBev, which already controls 90% of the drinks market in Thailand, gain access to Myanmar’s growing spirits market. Its brands include Chang Beer and SangSom Rum.
In the first nine months of its fiscal year, until June 2017, ThaiBev’s sales dropped 6% year-on-year to $4.3 billion, as a result of slow economic growth and the observance of a national mourning period in Thailand.
TPG partner Ganen Sarvananthan said: “The investment from Thai Beverage, one of Asia’s leading spirits groups, is a testament to MDC’s extensive platform and strong management team. We wish them continued success as they secure further opportunities with their new partners.”
The deal follows on from ThaiBev’s 2013 acquisition of Singapore beverage producer Fraser & Neave for $11.2 billion.
Source: FoodBev.com
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