AB-InBev kicks off sale of Hasseröder and Diebels
It was only a matter of time, after some obscure hints, before AB-InBev would kick off the process of selling its German beer brands Hasseröder and Diebels.
According to several media sources, the world’s number one brewer has sent out information packages to prospective bidders and has asked for first bids before the summer break, which means July.
The brands, which are only sold in Germany, could fetch several hundred million euros, insiders say.
Allegedly, Hasseröder and Diebels have combined sales of about EUR 140 million and an EBITDA margin of 35 percent (roughly EUR 50 million). A rumoured sales tag puts the value of the brands at EUR 200 million or more, which would translate into a multiple of four times EBITDA.
Compare that with Asahi paying around 15 times EBITDA for SABMiller’s European brands it bought from AB-InBev, and the discrepancy will hit you in the eye, although it needs to be taken into consideration that the German brands are local brands in a tough and highly fragmented market.
Most likely, German brewers will show an interest in Hasseröder, one of the best-selling brands in eastern Germany, as well as in Diebels, which is famous for its top-fermented dark Altbier, drunk mainly in Düsseldorf and some neighbouring cities.
The German beer market has grown increasingly competitive in recent years as consumption has slowed, which has put pressure on sales and profits.
The sale clearly puts the spotlight on Diebels, whose beer output peaked in 2001, when it reached 1.6 million hl and the privately-owned brewery was sold to Belgium’s Interbrew for EUR 100 million. Since then sales have dropped. They stood at 350.000 hl in 2016.
