28 October 2024: Standard Bank has announced today, that it has acted as sole financial advisor to Chill Beverages and Inhle Beverages, a company currently owned by Old Mutual Private Equity and the company’s Management team, on the sale of the business to Alterra Capital Partners, Mineworkers Investment Company (MIC) and Admaius Capital Partners.
Chill Beverages owns energy drink Score, mixer brand Fitch & Leedes, and Chateau Del Rei, a canned perlé sparkling wine product, while Inhle Beverages is the co-packer of choice for numerous tier-1 local and multinational companies in South Africa.
For the new consortium of owners, the proposed deal represents an opportunity to acquire a fully integrated beverages platform of scale, with world-class manufacturing facilities based in Gauteng and the Western Cape, operating in the fast-growing segments of the beverages market, with significant scarcity value.
Details of the Purchasing Consortium
Alterra is an Africa-focused private equity firm, which targets domestic-facing companies that serve basic consumer and vital business needs, and the acquisition falls in line with their company profile.
MIC is a broad-based BEE investment company that targets various sectors, including financial services, health, leisure, business services, industrials, technology, and media while Admaius Capital Partners is a private equity firm that invests in high impact sectors in Africa, including digital infrastructure, financial services, FMCG, healthcare and education.
Standard Bank a Key Partner in the Acquisition
Sean Wegerhoff, Executive Corporate Finance at Standard Bank Corporate & Investment Banking, comments that “Our strong relationships with potential bidders and deep sector understanding means we are able to secure the best deals for our clients”, Standard Bank is the right bank to advise on efficient, value-enhancing sell-side processes for our clients, says Wegerhoff.
Standard Bank also acted as joint lender to Alterra, MIC and Admaius Capital Partners in securing the acquisition funding.
Commenting on the deal, Chumani Kula, Co-Head of Old Mutual Private Equity commented, “We are very pleased with our investment in the business and a very strong partnership we enjoyed with the Management team. We wish Chill Beverages and Inhle Beverages well as they embark on a new chapter under new owners”.