Bosteels brewery to be sold

Belgian media were having a field day. In early September 2016 they tried to outdo each other in speculation and rumour. The only thing that seems certain is that the speciality beer producer Bosteels has been put up for sale by its owners, the Bosteels family and the private equity outfit Waterland. In 2014 Waterland had acquired a 50 percent stake in Bosteels, a 100,000 hl brewery located in Buggenhout, best known for its Kwak and Karmeliet beers. The brewery was founded in 1791 and is currently run by the 7th generation Antoine Bosteels.

From what we have heard, it had been Waterland’s plan to acquire a string of Belgian family breweries with the intent of securing a profitable exit. This group did not materialise. Hence Waterland’s somewhat premature exit after only two years.

Belgian media have speculated that the asking price could be EUR 200 million or 15 times Bosteels’ 2015 profits of EUR 13.5 million. That’s a heady sum. Many insiders wonder if Bosteels’ profits last year had not been massaged upwards a bit to justify the price?

As to potential buyers: both Heineken and Duvel have been mentioned, without officially confirming or denying their interest.

Another party with an interest could be the Dutch brewer Bavaria which has already bought Belgium’s Palm group of breweries.

Perhaps Bosteels will be sold. But the questions is: at what price?