PH's Emperador buys Spain's Fundador
MANILA, Philippines — The Philippines' largest liquor producer Emperador said Tuesday, December 1, it would purchase a major Spanish brandy and sherry brand, representing its latest foreign acquisition after obtaining Iberian vineyards and a Scottish whisky giant.
Emperador said in a disclosure to the Philippine Stock Exchange that it had reached an agreement to buy Spain's Fundador from US-based Beam Suntory for €275 million ($291 million).
Fundador produces popular brandies, including one of the same name, and the Terry Centenario and Tres Cepas brands. It also makes Harveys, a sherry.
"This will further strengthen Emperador's position as the number one brandy company in the Philippines and in the world," the statement added.
Emperador, which started as a brandy maker in the Philippines, has been expanding its global presence in recent years.
Last year, it paid £430 million ($649.18 million) for Scottish whisky maker Whyte and Mackay and €60 million ($63.53 million) for half of Spanish brandy producer Bodega Las Copas.
It has also been acquiring Spanish vineyards and brandy stocks.
"With the combined global reach of Whyte and Mackay and Fundador, our expanded product portfolio will have access to more than 100 countries internationally," the company said.
"In our pipeline are several proudly Philippine-made products that we intend to introduce to the international markets starting next year," Emperador president Winston Co was quoted as saying.
Emperador is a wholly owned subsidiary of Alliance Global Group, a Philippine conglomerate with interests in liquor, real estate, resorts, gaming, and fast food restaurants.
Alliance Global is controlled by Andrew Tan, the Philippines' third richest man according to the 2015 list of Forbes magazine. – Rappler.com
US$1 = £0.66
US$1 = €0.94