Auriga on Food and Beverage: Beer Industry Consolidation Continues as Molson-Coors (TAP) Acquires StarBev
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Rating Summary:
8 Buy, 20 Hold, 6 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Auriga on Food and Beverage: Beer Industry Consolidation Continues as Molson-Coors Acquires StarBev
Gary Albanese said, "Molson Coors (NYSE: TAP) (unrated) announced the acquisition of StarBev, an eastern European brewer, from CVC Capital for approximately 2.65 billion or $3.5 billion. As StarBev's revenue and EBITDA were approximately 700 million and 241 million, respectively, the acquisition represents an 11x EBITDA multiple or 3.8x revenue. The acquisition potentially provides Molson Coors an enhanced product portfolio as well as with an introduction into new markets, notably eastern European countries such as Czech Republic, Romania, Bulgaria, and Hungary. StarBev, which produces 16 brands and distributes another 7 brands, including Stella Artois, Hoegaarden, and Spaten, was also being pursued by Asahi of Japan.
Gary Albanese said, "Molson Coors (NYSE: TAP) (unrated) announced the acquisition of StarBev, an eastern European brewer, from CVC Capital for approximately 2.65 billion or $3.5 billion. As StarBev's revenue and EBITDA were approximately 700 million and 241 million, respectively, the acquisition represents an 11x EBITDA multiple or 3.8x revenue. The acquisition potentially provides Molson Coors an enhanced product portfolio as well as with an introduction into new markets, notably eastern European countries such as Czech Republic, Romania, Bulgaria, and Hungary. StarBev, which produces 16 brands and distributes another 7 brands, including Stella Artois, Hoegaarden, and Spaten, was also being pursued by Asahi of Japan.
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