Dutch brewer Oranjeboom changes hands

A “brewer without a brewery” was taken over: The Belgian investment company Gimv has acquired United Dutch Breweries (UDB), together with UDB’s management, from the Dutch investment company Egeria, it was reported on 27 February 2015.

This investment is Gimv’s largest in the Netherlands to date. No financial details of the transaction were released, but media speculated that Gimv paid between EUR 25 million and EUR 50 million for UDB.

UDB, based in Breda (NL), is an independent beer group, owning brands like Oranjeboom, 3 Horses, Royal Dutch, and Atlas. These are all heritage brands, going back to the company’s origins. In addition, UDB sells specialty beers, such as non-alcoholic beers, stout beers and dark malt beverages.

UDB was created in 1968 by Allied Breweries through the merger of two of the oldest breweries in Holland: ’De Drie Hoefijzers’ in Breda, which dates back to 1538 and ’De Oranjeboom’ in Rotterdam, which was founded in 1671.

In 2008, UDB was carved out from AB-InBev and became an independent company again.

UDB operates on a “brewer without a brewery” model. Production is outsourced to other breweries, like Martens in Bocholt (Belgium) amongst others. It focuses on the exports of affordable premium branded beers, it says, bringing European quality to consumers worldwide.

The company reportedly has clients in over 100 countries, with Asia-Pacific, the Middle-East, Africa and the rest of the world, each accounting for roughly 25 percent of sales.

Annual turnover amounts to EUR 77 million, equalling about 1.2 million hl.

Gimv plans to support UDB’s further growth in Asia and Africa.

According to its website, Gimv is a European investment company with over three decades experience in private equity and venture capital. It is listed on NYSE Euronext Brussels and currently manages around EUR 1.8 billion (including investment partnerships) of investments in 60 portfolio companies, which jointly realise a turnover of more than EUR 6 billion and employ over 26,000 professionals.