The maker of Ketel One vodka has launched a management-backed offer to buy Dutch gin and spirits maker Lucas Bols for €269.5 million, the company noted on Monday.
The Nolet Group, also of the Netherlands, said it has agreed to offer €18 in cash per share for Bols, a 76% premium to Bols' closing price on 6 October of €10.20.
Bols is the maker of Bols gins, passion-fruit drink Passoã, and Galliano liqueur.
Family-owned Nolet makes Ketel One and Nolet's Gin.
"This will create a Dutch champion in the global spirits and cocktail market and preserve valuable heritage and growth potential for the long term," they added.
'Dutch Champion'
In a statement, Huub van Doorne, CEO of Lucas Bols, said, "Since 2006, when we brought back Lucas Bols to Amsterdam, we have been on a journey to grow the company and its brands in the international cocktail markets.
"Nolet as a partner is the right next step to continue this journey and accelerate long-term growth."
Carel Nolet, chair of Nolet Group, added, "Together we create a Dutch champion in the global spirits and cocktail market with a strong portfolio of brands, the right focus and strengthened brand investments.
"By combining forces, we are jointly continuing our rich history and thereby preserving valuable heritage under one Dutch flag for the long term. Nolet and Lucas Bols complement each other well in terms of markets, brands, innovation and marketing.
"For us, the combination with Lucas Bols is a valuable expansion with a strong portfolio of well-known brands. Lucas Bols is an industry-leading company we know very well.
News by Reuters, additional reporting and edited by Donna Ahern, Checkout. For more drinks stories click here. Click subscribe to sign up for the Checkout print edition.
