27th Mar 2019 08:34
LONDON (Alliance News) - Georgia Capital PLC on Wednesday said its beverages business has acquired the name and commercial assets of Georgian beer brand Kazbegi.
The investment company said the total consideration for the acquisition is USD3.7 million in cash. Kazbegi sales are expected to enhance the off-trade sales channel through the strong distribution platform of the beverages business.
In addition, Georgia Capital expects Kazbegi to complement its current portfolio mix of local brands, including ICY, a beer brand launched in June 2017.
"I am pleased to announce our beverages business has successfully acquired the local brand with high awareness to capitalise on our distribution network," said Georgia Capital Chief Executive & Chair Irakli Gilauri.
"This acquisition will help us to grow productivity of our beer factory and increase its utilization. With this acquisition beverages business is also tapping the soft drink market, where we were not present before," added Gilauri.
Georgia Capital shares were trading 3.1% higher on Wednesday at 1,087.60 pence each.
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