Company Behind Ketel One Vodka Makes Offer to Buy Dutch Gin Brand Lucas Bols for $285 Million
Deemed “the world’s first cocktail brand,” prolific spirits producer Lucas Bols debuted in Amsterdam in 1575. Now, the firm behind wildly popular Ketel One Vodka sets its sights on acquiring the history-rich Dutch company. (Photo: Lucas Bols)
On Monday, The Nolet Group, the company behind Ketel One Vodka, announced an offer to purchase Lucas Bols, a prominent Dutch gin and spirits manufacturer described as “the world’s first cocktail brand.” This strategic move, backed by management, entails a substantial offer of 269.5 million euros (equivalent to about $284.51 million USD) for Lucas Bols, Reuters reported.
The proposed offer by The Nolet Group, a family-owned entity rooted in the Netherlands, entails a cash transaction of 18 euros per share for Bols. This bid stands at a striking 76% premium compared to Bols’ market close on October 6, registering at 10.20 euros per share, per the report.
Established in 1991 by Carolus Nolet Snr, Nolet Spirits U.S.A. was formed to manage the marketing and distribution of Ketel One Vodka and, subsequently, Nolet’s Gin in the United States. In 2008, a strategic joint venture was established with Diageo, leading to the expanded responsibility of overseeing the sale and marketing of Ketel One within the partnership.
Bols, a renowned Dutch distiller established in 1575, makes a range of alcoholic beverages encompassing vodkas, gins, genevers and liqueurs. Boasting a rich heritage, it asserts to be the world’s oldest distillery brand. Presently, Bols products are distributed across 110 countries, offering a diverse liqueur line featuring over 30 distinct flavors. Bols remains a prominent player, actively collaborating with bartenders and consumers worldwide to craft unique cocktail experiences both in bars and at home.
The potential melding of these entities aims to forge a dominant force within the global spirits and cocktail market as both firms foresee the creation of a Dutch powerhouse, preserving rich heritages and promising growth prospects in the spirits industry for the foreseeable future.
“This will create a Dutch champion in the global spirits and cocktail market and preserve valuable heritage and growth potential for the long term,” The Nolet Group and Lucas Bols explained, according to Reuters.
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