The Carlsberg Group will strengthen its position in Greece significantly through a merger with Olympic Brewery, the third largest brewer in the country.
The combined company will be a strong number two in the Greek beer market with a market share of around 29%. The combination of Olympic Brewery’s strong local brand, Fix, and the Carlsberg Group’s local power brand Mythos and its international premium portfolio, will create a strong product portfolio, making the combined company an attractive partner for Greek retailers and wholesalers. In addition, the combination of the companies will generate synergies within areas such as procurement, production and distribution.
Carlsberg will own 51% of the combined company and the current shareholders of Olympic Brewery will own the remaining 49%. The future relationship between the Carlsberg Group and the current shareholders of Olympic Brewery will be regulated through a shareholder agreement. The chairman of the New Olympic Brewery will be Lars Lehmann from the Carlsberg Group and CEO will be Alexandros Karafillides, also from the Carlsberg Group.
The transaction is conditional upon the necessary regulatory approvals from the Hellenic Competition Commission.
“The Greek market offers interesting opportunities,” said CEO Jørgen Buhl Rasmussen. “We have been very pleased with the performance of Mythos Brewery since we took over the business as part of the Scottish & Newcastle acquisition. The merger with Olympic Brewery and the creation of a strong number two player in the Greek market represents a step-change for our local business and we are very excited about the prospects for the merged company.”
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