Fuller’s, the UK beermaker, has announced it has entered into an agreement for the sale of its entire beer business to the European division of Japanese drinks giant Asahi for an enterprise value of £250 million on a debt free, cash free basis.
The business being sold comprises the entirety of Fuller’s beer, cider and soft drinks brewing and production, wine wholesaling, as well as distribution, and also includes the Griffin Brewery, Cornish Orchards, Dark Star Brewing and Nectar Imports businesses.
Asahi said that, as well as growing a comprehensive premium offering of beers and ciders in the UK, it would use its established global footprint to build the newly-acquired brands across the world.
In a statement, Fullers said: “Having carefully considered its options for the Beer Business and Fuller’s existing relationship with Asahi, the Board believes that Asahi is the ideal owner of the Beer Business and will create the right environment for the Beer Business to flourish in the future and protect the Fuller’s brewing heritage”.
Asahi Europe CEO Hector Gorosabel added: “Asahi Europe has already established a leading presence in the premium beer category. Welcoming these brands and operations to our business will further consolidate that position, enabling us to even better serve our customers and consumers”.
Source: Fuller’s / Asahi