The beverage sector has seen a number of corporate transactions in recent times, with bottling companies in particular playing a leading role. Coca-Cola and the world of beer.
Coca-Cola has reorganised its franchise network in Spain.
In 2011, a process of concentration of the Coca-Cola franchise network in Spain began. During 2012 there have been several movements among the different shareholders of the bottling companies. Some of them have taken advantage of the situation to obtain much-needed liquidity and others have taken positions in order to have greater representation in the final company.
Cobega, the bottling company for Catalonia, Aragon and the Balearic Islands, has led the merger of the multinational's distributors in Spain. The first operation was the acquisition of 67% of the capital of the Galician company Begano, one of the seven that make up the Spanish franchise network. Once the merger process is completed, Cobega controls more than 50% of the soft drinks distribution giant and reserves the chairmanship and the position of CEO.
Another of the families that have bet on the process has been the Valencian Gómez-Trenor family. After learning weeks earlier of the takeover of Begano by Cobega, sources at Coca-Cola España confirmed that the Gómez-Trenor family, the main shareholder of the Valencian company, would take control of the company. Colebega, had raised its shareholding in Rendelsur, the franchisee for Andalusia, to a percentage in the vicinity of but not exceeding 10%. This stake was acquired from the Mora-Figueroa family, which continued to hold a majority stake in the Andalusian company.
"The process arose from the need to optimise the brand's distribution structure. In a market with little expectation of natural growth, the profit improvement is expected to come from operational and efficiency improvements. Another reason comes from the brand itself, which in this way reduces the number of interlocutors and simplifies its management", analyses Diego Gutierrez, a corporate finance expert at Abra Invest.
Beer goes international
Mahou-San Miguel has made its first acquisition in an emerging country with the purchase of 50% from the Indian company Arian Breweries & Distilleries Ltd. The Mahou-San Miguel Group, with a presence in 41 countries, is the leading producer in Spain and brews more than 75 % of the national beer exported. With this joint-venture agreement, Arian B&D Ltd. will manufacture and market in India the local brands "Dare Devil" and "Caribbean" in addition to the products of the Mahou range.
Another curious operation in the world of beer has been carried out by the Elche-based footwear company "Elche".Gioseppo footwear"with its acquisition of a stake in the Ibizan company Isleña. The operation involved the purchase of a 13% stake.
Cacaolat: main restructuring operation
The operation of Cacaolat from the insolvency proceedings of Nueva Rumasa ended with the acquisition by Damm, Cobega and the specialised investor Victory Turnaround. The buyers have paid €75M to the tender and have committed to an investment of €200M.
"This operation represents a step towards diversification within the beverage sector for both acquiring companies. Damm already has a presence in mineral water and with this purchase it adds a new product to its portfolio," says Diego Gutierrez.
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