The Florida-based Central European Distribution Corporation, one of the leading distributors of beverages to the Polish market, has been growing rapidly in recent years, adding a number of new supply contracts and expanding its product portfolio.
Now the group has announced a new transaction - the acquisition of a Polish wine, beer and spirit distributor Onufry Company, based in the north of the country. Onufry had sales of around $30 million (€30.7m) in 2001 and will be the CEDC's sixth acquisition since it floated in July 1998. The company gave no details of the cost of the transaction.
CEDC said that the transaction was subject to the completion of due diligence and the negotiation of definitive agreements, but that it was expected to close in the fourth quarter of 2002 and to be immediately accretive to the company's earnings.
William Carey, president and CEO of CEDC, said: "As part of our continuing acquisition strategy, Onufry will fill a market niche that will enable CEDC to consolidate its position in the Tri-city region (Gdansk, Gdynia and Sopot). We will continue to look for similar acquisitions that can fill market voids, which will strengthen our client distribution base."
Stefan Laux, president of Unicom Bols Group, one of the largest suppliers to the CEDC group and a leading producer of spirits in Poland, added his comments: "This is a high quality acquisition that will definitely impact the market and further strengthen the future prospects for CEDC. Onufry is a respected distributor with 12 years experience in the Polish alcohol market place and should greatly benefit from the economies of scale of the CEDC group. Onufry gives CEDC solid distribution muscle in one of the fastest growing regions in Poland."
CEDC is one of the leading importers of beers, wines and spirits, as well as one of the largest distributors of domestic vodka on a nationwide basis in Poland. The company operates 30 regional distribution centres in major urban areas throughout Poland. It distributes many of the world's leading brands, including brands such as Johnnie Walker Scotch, Stock Brandy, Sutter Home, Torres, Mondavi and Concha y Toro wines, and Corona, Beck's, Foster's, Budweiser Budvar and Guinness Stout beers.