Stock Spirits agrees to CVC acquisition offer

CVC would invest via the Sunray Investments Luxembourg bidco. The firm offered 377 pence in cash per Stock Spirits share, valuing the entire share capital at GBP 767m.

The offer price represents a premium of approximately 41% on the closing price of 268 pence on 11 August 2021. Following the board announcement on 12 August, the share price spiked to 383 pence per share.

The deal is expected to become effective between December 2021 and January 2022. CVC said it would support the company's existing growth strategy while also pursuing acquisition opportunities.

The directors of Stock Spirits are advised by JP Morgan and Numis.

With roots going back 100 years, Stock Spirits is a spirits producer specialising in vodka and focused on central and eastern Europe. Its brands include 1906, Stock Prestige and Vodka No 1, and it has distilleries in the Czech Republic, the Baltic region and Italy, with two bottling plants in Poland and the Czech Republic. The group generates turnover of EUR 341m, with EBITDA of EUR 71m and 1,120 staff.

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