Nyetimber Wines and Spirits Group Limited has announced their takeover offer to acquire the entire issued ordinary share capital of The Lakes Distillery.
Nyetimber Wines and Spirits Group Limited is part of a group of companies under the common ownership of Eric Heerema, including English wine producer Nyetimber Limited.
The Lakes Distillery was formed in 2011 and is one of the leading English Single Malt Whisky producers, distilling and distributing a range of spirits. It includes a visitor centre, tour facility, shop and bistro, and is located on an eleven-acre freehold site the Lake District National Park.
The transaction involves the acquisition of the entire issued and to be issued ordinary share capital of The Lakes Distillery, valued at approximately £46.1m. The offer values the Target at an enterprise value of approximately £71.0 million based on expectations of £24.9m of net debt in May 2024, with the offer equivalent to a multiple of 12.2x net revenues for FY23.
The cash consideration payable to The Lake Distillery shareholders under the terms of the acquisition will be fully financed through Nyetimber's existing cash.
The Lakes Distillery reported a loss of £1.3m EBITDA on net revenue of £5.8m as of June 2023, associated to investment in brand development, single malt production levels and laying down stock.
The acquisition is subject to the approval of The Lake Distillery's shareholders, and is expected to be completed in Q2 2024.
Download our report on the acquisition, which includes company profiles, financial data, management commentary and strategic rationale.
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