Last checked at 3 Mar 2017 07:00
Britvic plc ("Britvic")
Completion of acquisition of Bela Ischia Alimentos Ltda
"Consolidating our presence in Brazil to generate additional shareholder value"
The board of Britvic plc is pleased to confirm that, following the satisfactory completion of the due diligence process, the acquisition of Bela Ischia Alimentos Ltda has been successfully completed for R$218m (£56.8m*). As previously announced, Bela Ischia revenues were R$160m and EBITDA was R$18.5m in 2016.
Bela Ischia is a strong and well recognised consumer brand with its largest presence in the key areas of Rio de Janeiro and Minas Gerais. The acquisition strengthens both Britvic's brand portfolio and distribution footprint by complementing our existing strengths in Sao Paulo and the north east.
The combined businesses are expected to realise substantial cost savings, principally from efficiencies in procurement, production, logistics and administration; it is therefore anticipated that the acquisition will generate at least R$10m of cost synergies.
It is anticipated that exceptional costs of approximately £3.5m will be incurred this year in relation to both the acquisition and integration of Bela Ischia. Britvic will publish its Interim results on 24 May 2017.
*Sterling value for illustrative purposes only, based on an exchange rate of R$:£ 3.84
For further information please contact:
Investors:
Steve Nightingale (Director of Investor Relations) +44 (0) 7808 097784
Media:
Victoria McKenzie-Gould (Director of Corporate Relations) +44 (0) 7885 828342
Ben Foster (Teneo Blue Rubicon) +44 (0) 203 603 5220