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SIA "Cido Grupa" will become the sole owner of the brewery "Bauskas alus".
"Bauskas alus" has reached an agreement for the sale of 100% of the shares to "Cido Group". A report is currently submitted to the Competition Council, whose opinion is necessary for the full execution of the transaction. The parties did not disclose the amount of the transaction.
"Bauskas Alus" will continue to work as an independent brewery, producing, directing and selling products on the market. At the same time, he will be able to use the logistics network "Cido Group", said the company.
"I have been looking for a successor for several years to continue our journey," said Vladimir Barskov, co-owner and board member of "Bauska beer", adding that "Cido Group" had been selected for long-term research and a collaboration with several companies.
He also expressed his belief that "Cido Group" will continue the commercial development of "Bauska beer".
Marius Valds Kirstuks, chairman of the Cido Group's board of directors, said the company was determined to contribute to the development of "Bauska beer".
"The agreement is a natural step in our growth, as it expands our product portfolio to meet growing consumer demand for a diverse product range, and we intend to keep the Bauska brewery as an independent factory and make our products more accessible to consumers via our logistical network, admirers, actively inviting you to visit the on-site brewery, "he said.
According to the data of "Firmas.lv", the sole owner of "Bauskas alus" is still a Latvian company "BA Holdings", owned by Barskov (50%), Boris Raigorodskis (25%) and Yuri Shancovoy (25 %).
"Bauskas alus" in 2018 achieved a turnover of 7,423 million euros, an increase of 42% compared to a year ago, while the profit of the company has been multiplied by 2.1 to reach 1,338 million euros.
The "Bauska beer" is registered in 1999 and its share capital is 786 996 euros.
The Cido Group, on the other hand, is registered in 1994 and its capital stock is EUR 1,117,054. The Cido Group is 99.99% owned by Royal Unibrew, Denmark. The company's product portfolio includes fruit juices, nectars and fruit juice beverages, as well as mineral water, drinking water and beer.
In 2017, the Cido Group achieved a turnover of 62.69 million EUR, 7.5% more than the previous year, while the loss of the company was several times lower and it stood at 165,602 EUR. The Company's financial results for 2018 have not yet been made public.
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