Sazerac, the owner of Fireball, has agreed to acquire Germany-based spirits producer Berentzen Group, paying 5.55 euros per share, or about $6.31, a price 68% above the company's three-month weighted average prior to Sept. 16. The deal, subject to shareholder approval, is expected to close at the end of the year, after which Sazerac will delist Berentzen from the Frankfurt Stock Exchange. Berentzen, one of Germany's oldest spirit producers with a more than 250-year history, operates in more than 60 countries and is best known for brands including Berentzen schnapps and Puschkin vodka, along with several nonalcoholic beverage and juice brands. Sazerac CEO Jake Wenz said the partnership will let the Buffalo Trace maker broaden its European manufacturing and distribution with greater flexibility and pace, while Berentzen's executive board members Oliver Schwegmann and Ralf Bruehoefner said the combination will help the German company pursue its growth strategy in a challenging European market. The transaction is Sazerac's second deal in Europe in the past year, following last month's purchase of U.K.-based canned cocktail brand Au Vodka.
Berentzen Gruppe AGSazerac agreed to acquire Berentzen at 5.55 euros per share, a 68% premium, and will delist it.
Sazerac is the acquirer, broadening European manufacturing and distribution via the Berentzen deal.
