Manufacturing agreement with both Lucas Bols and De Kuyper in place

Amsterdam/Schiedam/Rotterdam, The Netherlands – October 11, 2022 – Today, Lucas Bols N.V. (“Lucas Bols”, Euronext: BOLS) and De Kuyper Royal Distillers (“De Kuyper”), two leading global cocktail spirits companies, and Refresco Group B.V. (“Refresco”) announce that they have entered into an agreement in which alcoholic beverage manufacturer Avandis will be acquired by Refresco. As part of the agreement, Lucas Bols and De Kuyper have entered into a long-term manufacturing contract with Refresco. The transaction is subject to regulatory approval and to a Works’ Council consultation process.

Avandis, a 50/50 joint venture of Lucas Bols and De Kuyper, is a leading beverage manufacturer based in Zoetermeer, the Netherlands. They have one of Europe’s most advanced bottling facilities for distilled beverages. Avandis provides a wide range of contract manufacturing solutions to brand owners in the alcohol category. Refresco fully supports Avandis’ growth strategy.

CEO Lucas Bols, Huub van Doorne, on the intended deal:

“We are confident that Refresco offers the best environment for Avandis to thrive. At the same time the transaction allows us to fully focus on our core activity: creating great cocktail experiences around the globe. We will benefit from Refresco’s, size, scale, and expertise in manufacturing beverages as our brands will continue to be manufactured by Avandis under the new ownership. We look forward to a close collaboration with them for many years to come.”

CEO De Kuyper Royal Distillers, Mark de Witte, adds:

“In Refresco, we have found an excellent partner to continue the manufacturing of our products with the highest quality. This transaction is a strategic step forward for us, as we will be able to focus on building and marketing our premium cocktail liqueur brands according to our vision to “Own the Cocktail” while leveraging Refresco’s platform and capabilities.”

CEO Refresco, Hans Roelofs comments:

“This acquisition is a step change in expanding our offering to customers in the alcohol category and complements our existing hard liquor capabilities in Europe. As part of our Buy&Build strategy, we aim to expand in beverage categories that offer significant growth potential. As alcohol is one of those categories, this acquisition will make for a great fit and perfectly suits our company vision of ‘Our drinks on every table’. I look forward to welcoming the Avandis team to Refresco.”

Transaction highlights

The transaction includes a long-term contract manufacturing agreement with both Lucas Bols and De Kuyper, allowing Refresco to invest and expand the business
The purchase price for 100% of the shares in Avandis amounts to EUR 25 million, to be adjusted for Avandis’ net debt position (31 March 2022: EUR 15 million) and any working capital adjustments, both as at completion date
This transaction is subject to regulatory approval and the consultation process with the respective Works Councils
Pending approval and Works’ Council processes, completion is expected by the end of 2022