IFCEE had pledged to make an investment in the project once Carlsberg became a majority shareholder in the brewer, which is one of the largest in Serbia. It has a 15 per cent share of the Serbian beer market and an annual turnover of €23 million.
Having made an offer to buy the company for €53 million back in the autumn of 2003, acceptance means that the company now holds a 99.9 per stake in Pivara Celarevo. In turn the IFCEE has said that it will acquire a 20 per cent capital share in the Serbian brewery, valued at DKK 93.3 million (€12.5m).
The Danish brewer has also confirmed that IFCEE has agreed to acquire a 20 per cent share in its operations in Bulgaria. Carlsberg said that it had received a payment of DKK 56.1 million for its two breweries - Pirinsko Pivo and Shumensko Pivo - that were bought in the summer of 2002.
In a press statement Carlsberg said that IFCEE's involvement in its operations in the region meant that it can now benefit from the organisation's extensive experience in the two countries.
"Currently the two Bulgarian breweries are in the process of being merged," Carlsberg spokesperson Margrethe Skov told CEEFoodIndustry.com. "There has been substantial growth in the Bulgarian beer market recently, as has also been experienced in the Serbian markets. We see these two markets as being key to Carlsberg's future growth in the region."
Interestingly Skov said that the money would not necessarily be reinvested back into the Bulgarian and Serbian arms of the business. "These funds will go back into the overall capital balance for Carlsberg, so there is no specific intention to reinvest the money back into these markets."
Skov also said that the Carlsberg beer brand was still some way off being brewed in either country and would continue to remain an import product. Although Tuborg is currently being brewed in Serbia, she said that longer term consideration would be given to brewing Carlsberg beer in both of the countries once safety and quality criteria are firmly in place.
Currently beer consumption in Serbia runs at 50 litres per capita each year and in Bulgaria that figure stands at 54 litres. This compares to the UK market which currently stands at around 100 litres per capita, indicating that as income levels rise the potential for market growth in the two countries is significant.