32 t ransact ions g&J grEENAll solD BY
DE vErE group Distiller g&J greenall has been sold by the De vere group, in a deal reportedly worth £7.5 million. Distiller G&J Greenall has been sold by
the De Vere Group, in a deal reportedly worth £7.5 million. The sale takes the form of a
management buy-in, buy-out. Christian Rose, current chief executive, represents the buy-in investment, while Enzo Visone and Warren Scott are the outside investors. The Warrington distiller, which celebrates
250 years of continuous distilling in 2011, produces over 50% of the UK’s own label gin and vodka plus super premium branded gins and vodka including the number two mainstream branded gin in the market. Total sales in the year to the end of December 2010 were £50m. The new ownership comes following the
recent successful launch of the portfolio into the US market. Christian Rose, chief executive, said:
“Never before have we been more focused on our branded portfolio of products alongside our third party bulk and bottling contracts. “The move is intended to strengthen the position of G&J Greenall as one of the UK’s leading distillers of quality spirits and indeed, the future of the entire business overall.” Reed Smith advised the lender, Burdale
Financial Limited, on the financing for the acquisition and on the working capital facilities for the business going forwards. The team was led by Georgia Quenby. Georgia is the relationship partner for Burdale, who are a regular client and the principle associate on the Greenall transaction in London was Victoria Thompson. fi
ABsA BANk AcQuIrEs moZAmBIQuE’s AllIANcE sEguros
INsurANcE compANY south Africa banking group ABsA, from 1 september, now owns 100 percent of mozambican insurance company global Alliance seguros, the company’s marketing director, soraya choo announced. The acquisition of the insurance
company, which was confirmed by the chief executive of ABSA Financial Services, Willie Lategan, is part of the South African bank’s expansion plans. ABSA also owns a majority stake in Barclays Bank in Mozambique.
The Global Alliance Seguros insurance
company is a 99.5 percent-owned subsidiary of Global Alliance Holdings, an investment company with an annual turnover of around US$150 million. (macauhub) fi
tAuroN polskA ENErgIA AcQuIrEs mAJorItY stAkE IN gorNoslAskI ZAklAD ElEktroENErgEtYcZNY
(gZE) from vAttENfAll tauron polska Energia sA (tpE), the polish utility that’s buying vattenfall AB assets, may fund 95 percent of the acquisition with bonds and plans to keep its dividend policy and investment program after the purchase. Tauron, which recently agreed to pay as
much as 3.63 billion zloty ($1.26 billion) in cash for the Swedish utility’s Polish power distribution unit, will use a maximum of 3.45 billion zloty of domestic bonds to fund the transaction, Chief Financial Officer Krzysztof Zawadzki said. The company agreed with underwriters
of its current bond program to increase sales by 3 billion zloty and will ‘definitely’ use this amount in the financing structure, Zawadzki said. The 450 million zloty that’s already been announced will be used in a ‘flexible’ way, depending on the company’s needs, he added. Tauron, Poland’s second-largest power
group, said recently it agreed to buy Gornoslaski Zaklad Elektroenergetyczny, a power distributor with wholesaling and wind farm units, to help it expand in Poland’s Silesian industrial heartland. Vattenfall is selling assets across Europe to focus on Germany, the Netherlands and Sweden. After
the acquisition, which
Katowice-based Tauron aims to complete within six months, the company plans to keep its current dividend policy and a 45 billion-zloty, 10-year investment program, Zawadzki said. The company also plans to remain in the bidding process to buy hydroelectric plant ZEW Niedzica SA from the country’s government, he said. fi
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OCTOBER 2011
www.finance-monthly.com
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