The completion of the transaction is subject to receiving
merger clearance from relevant regulatory authorities in Nigeria. The total
consideration of the $14 million sale transaction (|$7 million each for the
transfer of share and loan) is expected to be completed in the second quarter
of 2022.
SBF is the brand owner of Ribena and Lucozade since 2013 and
the iconic brands are loved by consumers across the globe, including Nigeria.
SBF aims to deliver high quality, value-added products that continuously appeal
to consumers worldwide, having been a pioneer of research and development since
its beginnings.
Chanrai Summit Group, parent of AFDL, is a multi-faceted
company distributing products that touch the lives of African consumers every
day.
They manage a robust supply chain management infrastructure
through the import, manufacture and distribution of products covering branded
Food, Fast Moving Consumer Goods, and Appliances for the best multi-nationals
in the world.
CEO of SBF, Kazuhiro Saito, said, “As part of our regular
strategic portfolio review and considering the broad options in Nigeria to
accelerate the growth of our brands, we have decided that it is best to launch
a new operating model in Nigeria, leveraging the extensive distribution
network, and the expertise in the local market that AFDL possesses.”
Managing Director of SBFN, Anjan Patole, stated that the
company was pleased with the outcome of the transaction. “The sale of our
beverage operations in Nigeria signifies a fantastic opportunity to leverage on
Chanrai’s Group expertise to expand the business and talents of our people
beyond our current potential.
Their extensive global systems, agility to changing market
needs with a focus on African consumers are all qualities that aligned with
that of our business here,” he said.
The CEO of AFDL, Sherring Thekekkara, added that this
investment will benefit from the strengths of both parent companies in a big way.
Leveraging experience, streamlining supply chain, enhancing manufacturing,
consistent innovation and improving seamless route to market etc will ensure
that the Nigerian consumer continues to enjoy their favourite brands “Lucozade”
and “Ribena” even more passionately.
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