Jenever distillery Nolet bids to acquire Lucas Bols for €270 million

Schiedam-based Jenever distillery Nolet has bid to takeover liquor group Lucas Bols for almost 270 million euros, the two companies announced on Monday. The companies said the acquisition will “create a Dutch champion in the global spirits and cocktail market and preserve valuable heritage and growth potential for the long-term.”

Nolet offered 18 euros per share in cash, totaling about 269.5 million euros for 100 percent of the Lucas Bols shares. The offer represents a premium of about 76 percent to Lucas Bols’ closing price per share on October 6, which was 10.20 euros.

The Lucas Bols company will stay in Amsterdam and continue to operate with its current name and leadership. According to the company, its management- and supervisor boards supported the takeover unanimously.

“Since 2006, when we brought back Lucas Bols to Amsterdam, we have been on a journey to grow the company and its brands in the international cocktail markets. Nolet as a partner is the right next step to continue this journey and accelerate long-term growth,” Lucas Bols CEO Huub van Doorne said. “The strong family values and centuries of Dutch heritage of Nolet are a great fit with the Lucas Bols culture, and together, we will reinforce this valuable heritage as a Dutch champion for the very long term.”

The Nolet Group is “extremely pleased to bring two of the most successful Dutch distilleries together,” Nolet Group chair Carel Nolet said. “By combining forces, we are jointly continuing our rich history and thereby preserving valuable heritage under the Dutch flag for the long term. Nolet and Lucas Bols complement each other well in terms of markets, brands, innovation, and marketing.”

The Nolet Group has been a shareholder of Lucas Bols since its listing and already holds approximately 30 percent of its shares. Lucas Bols will be brought into the Nolet Group as a separate company and will retain its current leadership, identity, name, and brands.

The companies hope to complete the deal in the first half of next year.