Diageo In Running To Buy Stock Spirits Group

on 13/03/11 at 12:38 pm

Industry

Drinks giant Diageo PLC (DGE.LN) is in the running to buy spirit maker Stock Spirits Group, a person familiar with the matter told Dow Jones Newswires.

First round bids for the U.K.-headquartered drinks maker, which is reportedly worth more than $1 billion, were due by the end of February, people familiar witht the matter told Dow Jones Newswires last month.

The sale of Oaktree Capital Management-owned Stock Spirits is being run by Credit Suisse (CS), and other potential bidders include Lion Capital, Apax Partners and Advent International.

Stock Spirits has operations across Eastern Europe, Italy and the U.S. and its brands include a number of vodkas including high-end Polish vodka Czysta de Luxe–the fastest-growing vodka globally in 2009 according to Stock Spirit’s website–Limonce liqueur and Hammer Head whisky, as well as several brandies.

Diageo last month said it had agreed to buy Turkish spirits company Mey Icki Sanayi Ve Ticaret AS for $2.1 billion (GBP1.3 billion or TRL3.30 billion), as part of its strategy to grow its presence in emerging markets.

SOURCE: Fox Business

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