Ideal: Acquisition of South African Coleus through its subsidiary, Astir Vitogiannis

Ideal, through its subsidiary Astir Vitogiannis, acquired the majority stake in the South African company Coleus, which supplies metal caps to breweries and beverage and beverage companies in sub-Saharan Africa.

More specifically, the corporate announcement states:

“IDEAL HOLDINGS SA” informs the investing public that its 100% subsidiary Astir Vitogiannis SA (“Astir”) has signed an agreement with The South African Breweries Proprietary Limited (“SAB”), which is owned by AB InBev, for the acquisition of SAB’s majority stake in Coleus Packaging Proprietary Limited (“Coleus”).

Coleus (www.coleus.co.za) has production facilities in the Republic of South Africa and supplies metal caps to breweries and beverage and beverage companies in sub-Saharan Africa. The company sold more than 6.2 billion caps in 2021 to its customers, including AB InBev Group, Heineken, Distell, Diageo and Coca Cola.
Coleus, which has a total of 140 employees, in 2021 had sales of ZAR 521.8 million (€ 31.4 million), EBITDA ZAR 59.6 million (€ 3.6 million) and net debt of ZAR 120 million . (€ 7.2 million). The current exchange rate is € 1 = 16.6 ZAR. The transaction will be financed upon completion with both Astir’s own funds and ZAR financing from local banks.

In 2021, Astir and Coleus had total sales of 12.5 billion caps. The agreement will allow synergies in both revenue and costs, as well as customer service in different geographical areas.
By agreement, the completion of the transaction is subject to certain standard regulatory approvals, which are expected to be obtained in the coming months. ”