Lucio Co's The Keepers to acquire 50% of 'Alfonso' brandy maker

MANILA, Philippines — Lucio Co’s imported liquor distribution company The Keepers Holdings Inc. said Thursday it sealed the 50% equity purchase of a 140-year-old Spanish winery of ‘Alfonso’ brandy fame. 

In a disclosure sent to the Philippine Stock Exchange, Keepers announced it executed share purchase agreements for 50% stake in Bodegas Williams & Humbert SA. The retail tycoon’s publicly-listed company said this would boost its competitive position since it would become a liquor manufacturer as well. 

“It will also transform the company’s business model from a pure trading to a manufacturing and distribution one and provide an opening into markets outside the Philippines. The equity investment will also be bottom line accretive from its share in the future net income of Bodegas Williams & Humbert,” the company said in the disclosure. 

The Jerez-based winery has assets amounting to €124 million as of the end of 2021. The Co-led firm will need to shell out €88.75 million as part of the share purchase agreement, which is based on global accounting firm PricewaterhouseCoopers' independent valuation.

The Spanish winery is considered the leading producer of light brandy and distributes its products in Spain and in 50 countries. As it is, the company has been producing Alfonso, considered the Philippines’ top imported brandy, for two decades. 

The Keepers is responsible for importing alcohol brands into the country that include Johnnie Walker, Chivas Regal, Glenfiddich, Suntory, Jinro, Jose Cuervo, Jim Beam, and Red Bull. 

Shares in The Keepers are currently suspended but will be lifted once they submit comprehensive disclosure requirements set by the PSE’s substantial acquisition rule.