Sales rumours: Belgium’ brewer Haacht explores all strategic options

Belgium | A long simmering family feud may lead to the sale of Haacht Brewery, located in Boortmerbeek, Flemish Brabant, media reported on 5 June. According to the newspaper De Tijd, prospective buyers have already received the prospectus. Apart from its beer business, which stood at 700,000 hl in 2019 (the latest available figure) but has since declined, Haacht owns an extensive real estate portfolio, comprising approximately 270 hospitality properties in Belgium, the Netherlands, and France.

The brewery, best known for beer brands Primus and Tongerlo, is majority-owned by the Van der Kelen family through the listed holding company Co.Br.Ha. Haacht was built by brothers Marc and Frédéric van der Kelen. Marc passed away in 2015, his brother Frédéric in 2025 – having headed the business for 52 years. Far too long, that's how Marc's daughters judged his tenure. In 2020, Frédéric’s son, Baudouin van der Kelen, became CEO. Several family members opposed his sole rule – as they had Frédéric’s. During the 2022 General Assembly, the family conflict surfaced. Observers said that shareholders have been kept ignorant of the real estate’s value on purpose. The properties appear undervalued in the accounts.

Haacht is spilling red ink

That holding company has seen its share price fall from EUR 3,500 to EUR 1,500 (USD 1,740) per share over the past five years. The holding’s revenue has declined and it has been loss-making. On EUR 109 million of turnover in 2025, it made a net loss of EUR 11.4 million, widening from EUR 8.2 million in 2024. The latest loss was driven mainly by restructuring costs linked to job cuts (49 roles in 2025) and asset write-downs. Its market capitalisation is EUR 145 million.

When in October 2025, the firm appointed an outsider, the food industry veteran Nils van Dam, as CEO, many questioned if Haacht will be able to survive. Mr van Dam revealed recently that the family had given him a triple assignment: to draw up a strategic plan, turn Haacht sustainably profitable and explore all options: stay independent, make acquisitions, merge with another company or go for an exit. The latter seems to be the case now.