KEY POINTS:
Independent Liquor (NZ) has been sold to a consortium of private equity firms Pacific Equity Partners and CCMP for an undisclosed sum, Independent Liquor said in a brief statement.
The deal is conditional on the purchasers obtaining approval from the Overseas Investment Office in New Zealand, and Australia's Foreign Investment Review Board regime.
"The shareholders of Independent Liquor see the sale to this private equity consortium as positive for employees, the trade, customers and suppliers," Independent Liquor said.
The consortium beat off brewers such as Lion Nathan and DB Group owner, Asia Pacific Breweries controlled by Heineken, who pulled out because the price was judged to be too rich.
Market speculation put the price at around $1.3 billion.
Another private equity group, Nikko Principal Investments dropped out of the race this week.
Lion said it could not justify lifting its offer from a reported $1.15 billion.
Independent was put up for sale after founder Michael Erceg died in a helicopter crash in November 2005.
It makes Haagen beer and imports beers including Carlsberg, Tuborg and Grolsch. Its products include ready-to-drink Woodstock Bourbon & Cola and Kristov Vodka Cruisers.
- NZPA
