Bacardi Limited, the largest privately held spirits company in the
world, today celebrated shareholder acceptance of its offer to acquire
the New Zealand spirits company 42 BELOW Limited, best known for its
premium 42 BELOW vodkas.
"Bacardi is thrilled to welcome 42 BELOW's young and innovative
brands into our global portfolio of premium products," said Andreas
Gembler, President and Chief Executive Officer of Bacardi Limited.
"With substantial investment, time and nurturing, these brands show
long-term potential in the global spirits industry, especially in the
growing Asia-Pacific region."
42 BELOW vodka was launched in 1998 in the premium vodka segment
and has shown strong volume growth in the last few years. Known for
its innovative, irreverent and entrepreneurial style, 42 BELOW has
earned a robust reputation for authentic New Zealand purity, quality
and exceptional taste. Such attributes are reflected in its winning
numerous prestigious international awards including scoring a 'Grand
Slam' clean sweep in 2006 with gold at all four of the world's leading
spirit competitions. 42 BELOW was judged New Zealand's fastest growing
exporter, fastest growing listed company and fastest growing company
overall in the Deloitte Unlimited Fast 50 2005. 42 BELOW vodka is
currently distributed in more than 25 countries.
"In addition to acquiring premium brands, we're proud to welcome
the 42 BELOW team into the Bacardi family. The team's passion with
regard to their brands and clever strategy have made these fine
products a New Zealand success story and will ensure 42 BELOW
maintains the New Zealand authenticity which has helped make it a
hit," added Mr. Gembler.
Bacardi is acquiring the 42 BELOW brands of 42 BELOW Vodka,
including four flavoured vodkas -- Manuka Honey, Kiwifruit, Feijoa and
Passionfruit -- and the newly developed products of SOUTH Gin, STIL
Vodka, SEVEN TIKI White Rum, TAHITI DARK Rum and 420 spring water.
42 BELOW's Chief Vodka Bloke Geoff Ross said, "We're really
honored to become part of a company with such a tremendous reputation.
Bacardi has such an impressive track record of investing in and
growing brands. We're so proud that these brands now have the
opportunity to become what we always hoped for -- global icons of New
Zealand."
Having reached shareholder acceptance of 90 percent of shares of
42 BELOW Limited under its takeover offer, Bacardi intends to begin
compulsory acquisition of the shares for which it does not receive
acceptances by December 15, 2006. Bacardi's all-cash offer was for
US$91 million (NZ$138 million).
About Bacardi Limited
Bacardi Limited is the largest privately held spirits company in
the world and produces and markets a variety of internationally
recognized spirits. Bacardi Limited's brand portfolio consists of more
than 250 brands and labels, including BACARDI rum, the world's
favorite rum; MARTINI & ROSSI vermouth, the world leader in vermouth,
GREY GOOSE vodka, the world leader in ultra-premium vodka; DEWAR'S
Scotch whisky, the number one selling blended Scotch whisky in the
United States; BOMBAY SAPPHIRE gin, one of the most popular premium
gins in the world; CAZADORES blue agave tequila, the top selling 100
percent blue agave tequila worldwide and other leading brands.
