Ketel One vodka owner The Nolet Group has built on its near-30% holding in Dutch spirits counterpart Lucas Bols, securing the full acquisition of the cocktail-focused company.
The pair have announced a ‘merger’ that values Lucas Bols at EUR269.5m [US$285.2m]. The move will see the Bols and Passoã brand owner delist and move to family control under Nolet.
Once completed – the decision currently sits with shareholders with the board recommendation to proceed – the combined group will hold brands including Ketel One, Nolet’s Gin, Galliano and Tequila Partida, which Lucas Bols purchased in late 2021. Subject to shareholder approval, the transaction is expected to close in the first half of next year.
“As a long-term, committed and financially strong strategic partner, the Nolet Group can provide Lucas Bols an opportunity to accelerate its growth strategy,” the company said.
Lucas Bols CEO Huub van Doorne added: “The strong family values and centuries of Dutch heritage of Nolet are a great fit with the Lucas Bols culture and together we will reinforce this valuable heritage as a Dutch champion for the very long term.
“Our relationship with Nolet has always been very respectful and constructive and we look forward to an exciting and successful future.”
Lucas Bols, which in June posted 12-month sales of EUR100.6m for 2022, exercised its option to acquire full control of vodka-based sparkling liqueur Nuvo earlier this year.
Nolet set up a joint venture with Diageo 15 years ago for the worldwide sales, marketing and distribution rights for Ketel One. The arrangement cost Diageo US$900m, with Nolet retaining the ownership of the brand.
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