Olvi conditionally acquires a majority in Danish brewing company Bryggeriet Vestfyen and makes an offer for the minority

Olvi plc                                 Stock Exchange Release 12 May 2021 at 9:00 am

Olvi conditionally acquires a majority in Danish brewing company Bryggeriet Vestfyen and makes an offer for the minority

Through a conditional sale signed today, Olvi plc has acquired a 60.88 percent majority holding in Bryggeriet Vestfyen, the fourth largest brewery in Denmark, from Augustinus Industri A/S and Bryggeriet Vestfyens Fond. The acquisition price for this majority holding is 50,288,946 Danish kroner (6.76 million euro), corresponding to 1,434 Danish kroner (192.84 euro) per share. An offer to acquire the rest of the stock will be made to the other 726 shareholders. The price is based on an enterprise value as of 31 December 2020 of 150,000,000 Danish kroner (20.17 million euro).

The price will be paid in cash. Closing of the acquisition is conditional on Olvi being able to increase its holding to 90 percent. Olvi has the right to approve the acquisition also with a smaller holding. Bryggeriet Vestfyen holds 13.97 percent of the entire stock. The deadline for closing the acquisition is 31 August 2021.

Bryggeriet Vestfyen consists of a brewery producing beer and soft drinks in Assens, as well as the Indslev microbrewery located in Norre Aaby. Bryggeriet Vestfyen was established in 1885. The company employs 100 people. Vestfyen’s sales volume was 65.2 million litres, net sales 24.6 million euro and gross margin (EBITDA) 952,000 euro in 2020. Olvi Group’s sales volume was 765.9 million litres, net sales 414.9 million euro and gross margin (EBITDA) 81.4 million euro in 2020. Vestfyen has versatile productional capabilities for all product and packaging variants on the market. The annual production capacity is 110 million litres. The company’s executive management, headed by Rasmus Damsted Hansen, Managing Director, has committed to continue their service with the company.

“The Danish market is intensely competitive but can provide good growth potential for Olvi. Olvi wants to develop the company’s business in the long term from local starting points, leveraging on Olvi Group’s long experience in beverage markets. The company’s geographical location is good, close to the beverage markets of Central Europe and the Nordic countries. We are glad to acquire a brewing company in a market that is new to us, having the ability to produce a versatile and trendy product portfolio,” says Lasse Aho, Managing Director.

OLVI PLC

Lasse Aho
Managing Director

Further information:
Lasse Aho, Managing Director
telephone +358 290 00 1050
www.olvi.fi

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