Heineken division Distribuidora La Florida has agreed the sale of the US beverage alcohol operations of FIFCO to private equity group Saothair Capital Partners.
In October last year, Heineken consolidated its presence in Central America, spending US$3.2bn on buying Florida Ice & Farm Co (FIFCO) out of their joint venture in the region. The purchase of FIFCO’s 75% holding in Distribuidora La Florida affected coverage in seven Central American markets, with FIFCO saying at the time it was investigating “strategic alternatives” for the US unit.
Late yesterday (4 September), Pennsylvania-based Saothair Capital announced its acquisition of FIFCO USA – whose formal name is CCG American Holdings – for an undisclosed sum. The New York state-headquartered business, which owns the Labatt brand in the US as well as Genesee Brewing Co and the Seagram’s Escapes and Lipton Hard Iced Tea brands, will revert to its former name of North American Breweries “to better align the company’s identity with the deep regional heritage of its brand portfolio”.
North American Breweries ceased to be in 2012 following its takeover by FIFCO.
“We’re grateful to Heineken for making this opportunity possible, and we’re excited to be a part of the future of the company,” said Saothair Capital co-founder & managing partner Kevin Madden. “Saothair is committed to providing the resources needed to make NAB a success.”
Madden co-founded the private equity firm with Rich Lozyniak, who had been CEO of North American Breweries from 2009 to 2014.
Saothair Capital has tempted Peter Bodenham (above) back to NAB to become its CEO. Bodenham, was VP of marketing at the brewer, which, according to its new owner, is “one of the largest US providers of full-service contract brewing for beer and other alcoholic beverages”, between 2009 and 2014. He has spent the last ten years in Ontario, Canada, with Sleeman Breweries.
“I am thrilled to return to North American Breweries at such a pivotal moment for the company,” he said. “This is a business with an extraordinary legacy and deep regional roots, and I see real opportunity ahead.
“We will continue to invest in the Genesee Brewery and the brands that define this portfolio.”
In June last year, FIFCO appointed Gustavo Cornejo as the head of the US division.
