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Billionaire buys biggest beer distributor in Philippines
Lucio Co, the billionaire owner of The Keepers wine and spirits group, is on track to acquire Booze Online in a move that will see him control the largest distributor of imported beers in the Philippines.
The Keepers Holdings Inc, a major wine and spirits group in the Philippines, has announced its intention to acquire Booze Online in a bid to boost its portfolio of premium beer brands.
The Keepers said its board had approved the acquisition of Booze Online, headquartered in Makati, and that the company would be formally notifying the Philippine Competition Commission of its plans in order to secure final approval of the takeover.
“The intended transaction offers Keepers the opportunity to add to its portfolio premium beer brands,” the company said.
Some of the beer brands distributed by Booze Online include Hoegaarden, Stella Artois, Becks, Leffe, Paulaner, Chimay, and Delirium Tremenes. The online retailer also stocks premium spirits brands such as Johnny Walker, Hennessy, Bacardi, Chivas Regal, Jack Daniels, Baileys, Absolut, Rémy Martin, Jose Cuervo, Captain Morgan, Martell, The Glenlivet, and Grey Goose.
As part of the deal The Keepers will acquire two million shares of Booze Online at an undisclosed price.
Once the acquisition has been completed, Booze Online will join The Keeper’s existing family of companies which consist of Montosco, Meritus Prime Distributions, and Premier Wine and Spirits, making it a major drinks player in the Philippines.
On the up
According to The Keepers’ investor relations officer John M. Hao, The Keepers is on the up, recording a 14.5% increase in its third quarter net income to ₱743 million (approximately £9.9 million).
The Keepers owner Lucio Co is the chairman of listed company Cosco Capital, the parent company of The Keepers, and has headed up 31 other companies, including Puregold Price Club, a huge chain of hypermarkets and supermarkets (more than 229 hypermarkets and 102 supermarkets) that he founded in 1998. He also has interests in real estate and the energy sector, having started off his career in oil and gas.
The tycoon tends to shy away from the media though has dished out several substantial scholarships, and sits on the Board of Trustees of Adamson University in Manila.
His estimated worth, as of 2024, is US$1.1 billion, according to Forbes which puts together an annual Rich List.
Asia Pacific is a growing drinks market, with Diageo announcing plans in October to expand its production site in Bali to better serve consumers across the region.
Meanwhile, the Czech Republic has proposed partnering up with the Philippines in the fields of agriculture, food and technology. Speaking at a business forum earlier this year, Czech Republic agriculture minister Marek Vyborny explained that the move to work more closely with the Philippines was a bid to support both country’s economies.
“The Czech Republic has a lot to offer our partners in the Philippines” he said, before highlighting how the Czech Republic is a leader in processed meat, beer, and hops cultivation.
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