seale & associatesmnamexico.com/wp-content/uploads/2019/06/alcoholic... · containing a...

Seale & AssociatesCreative Solutions. Trusted Advice.

ALCOHOLIC DRINKS IN MEXICO

2018INDUSTRY REPORT

AUGUST

ALCOHOLIC DRINKS INDUSTRY IN MEXICO:

The alcoholic beverages industry consists on the production and distribution of beverages

containing a concentration of ethanol in its composition equal to or greater than 1% of its

volume

▪ There are two types of alcoholic beverages: fermented (wine, beer, cider, etc.) which come from

fruits or cereals, and distilled (brandy, tequila, vodka, etc.) and these are obtained by removing

a part of the water contained in fermented beverages through the application of heat

In 2017, the value of the industry in Mexico increased to MX$612,763 million of sales, an

increase of 13% compared to 2016; and to 8,291 million liters, a growth of 5% over 2016

▪ Beer is the most popular drink, representing 93.6% of the total volume consumed and 66.5% of

total sales in 2017

▪ In sales volume, the industry presented a Compound Annual Growth Rate (CAGR) (2012-

2017) of 4.3% and a total growth between 2012 and 2017 of 23.3%

▪ In terms of sales value, the industry had a CAGR (2012-2017) of 9.6% and a total growth

between 2012 and 2017 of 58.4%

▪ By category, the wine presented the highest growth in both volume and sales, presenting a

CAGR (2012-2017) of 8.2% and 13.2% respectively

Sources: Euromonitor, BMI Research Seale & AssociatesCreative Solutions. Trusted Advice.

Alcoholic Drinks Mexico 2018

% of Consumption in Sales Value per Drink

25.8%66.5% 6.1%

SPIRITSBEER WINE

*Others: RTD / Premixes (1.55%) y Cider / Perry (0.05%)

1.6%

OTHERS*

$407.3

$158.0

$37.5

$9.5

$0.2

Beer

Spirits

Wine

RTD / Premixes

Cider

Sources: Euromonitor, BMI Research Seale & AssociatesCreative Solutions. Trusted Advice.

7,758.4

Sales Value by Category

MX$ BillionTotal Revenue US$612.8 Billion107.3

149.8

3.6

271.5

VALUE OF SALES AND VOLUME BY CATEGORY IN MEXICO

Sales by Volume byCategory

Million of litersTotal liters: 8,290.7 million


By 2022, it is estimated that the industry in Mexico will reach a volume of 9,419 million

liters and MX$764,927 million in sales

▪ A CAGR (2017-2022) of 2.6% in volume and 4.5% in sales is expected

▪ The wine will maintain the highest growth with a CAGR (2017-2022) of 7.6% in volume, while

beer and spirits will have a CAGR (2017-2022) of 2.5% and 3.0% respectively

Seale & AssociatesCreative Solutions. Trusted Advice.Sources: Euromonitor, BMI Research

$612.8$646.5

$677.0$706.6

$735.9$765.0

2017 2018 2019 2020 2021 2022

Forecast

Historical

Industry Sales

MX$ Billions

Market Share 2017

By Volume


53.6%

37.8%

0.9%

0.8%

0.5%

0.4%

0.4%

5.6%

Grupo Modelo

Heineken México

Brown-Forman Corp

Pernod Ricard

Molson Coors

Diageo

Grupo Cuervo

Others


Sources: Euromonitor, BMI Research

SALES BY CATEGORY: OFF-TRADE VS ON-TRADE

On-Trade Off-trade

Sales in Value by DistributionChannel 2017

The alcoholic beverage industry places its products through two types of distribution channels: On-

trade, where the distribution is through channels related to its direct consumption such as bars,

restaurants, hotels, etc., and Off-trade, which is through supermarkets, convenience stores,

wholesalers, etc.

On-Trade Off-trade

Sales in Volume by DistributionChannel 2017

Tatal value sales MX$ billionBeer $407.3Spirits $158.0Wine $37.5RTD / Premixes $9.5Cider $0.2

Total volumen sales in litersBeer 7,758.4Spirits 271.5Wine 107.3RTD / Premixes 149.8Cider 3.6


78%

92.10%

94.40%

73.80%

65.60%

22%

7.90%

5.60%

26.20%

34.40%

Beer

Cider

RTD / Premixes

Spirits

Wine

52.40%

77.60%

78.30%

29.90%

36.30%

47.60%

22.40%

21.70%

70.10%

63.70%

Beer

Cider

RTD / Premixes

Spirits

Wine

99.8%

0.2% 0.2%

1.6%

1.7%

96.6%

26.9%

8.5%

7.3%

43.0%

10.9%

22.8%

20.2%

3.3%

Store-Based

Convenience Stores

Non-Store Retailing Internet Retailing

Discounters

Supermarkets

Warehouse Clubs

Small Grocers

Department Stores

Hypermarkets

Specialists

Grocery

Retailers

Mixed

Retailers

Independent Grocers


Sources: Euromonitor, BMI Research

OFF-TRADE DISTRIBUTION


$640.0

$548.0

May-18 May-18

$1,850.8

$1,553.5

May-18 May-18

Accumulated Export of Beer toMay

US$ Million


Sources: Banxico, Cerveceros de México, Consejo

Regulador del Tequila

EXPORTS

Accumulated Export of Tequila / Mezcal to May

US$ Million

In 2017, the export of tequila and mezcal reached US$1,388.9 million, equivalent to 211 million

liters, representing an annual growth of 7.1% in volume; while the beer industry in Mexico exported

US$3,768.0 million, corresponding to 3,300 million liters and a growth in volume of 2.8% compared

to 2016; 30% of the national production of beer is for export.

Of the total exports of beer in the world, Mexico had a market share of 21.3% during 2016, being

the main exporter of beer in the world since 2010, followed by the Netherlands (14.4%) and Belgium

(11.0%)

79.9%

3.0%

2.7%

2.3%

1.8%

1.2%

9.1%

Destination of Beer Exports2016

% With Rescpect to Total Exports by Volume

China

Canada

Chile

UK

Australia

United States

Rest of the World


Seale & AssociatesCreative Solutions. Trusted Advice.Sources: Cerveceros de México, INEGI, Euromonitor

The beer sector is the most important within the agroindustrial activity in Mexico. Beer exports

represents 23.0% of the agroindustrial exports of the country, with a value of US$3,768 million in

2017. In the same year, the beer industry in Mexico produced 11,000 million liters, making Mexico

the fourth beer producer worldwide.

2017 production reached 30,900

bottles

Main beer producers:

Zacatecas, Coahuila,

Nuevo León, CDMX

CAGR (2017-2022) of

2.5% in volume and 4% in

sales value is expected

Mexico is the sixth beer

consumer in the world,

with a per capita

consumption of 60-65

liters per year

Mexico is the leading exporter of

beer in the world

The trade balance of

the beer sector

achieved a surplus of

US$3,580 million

TOP 3 COMPANIES:* TOP 3 BRANDS:*

Corona Extra 24.1%

Tecate Light 16.8%

Victoria 15.8%

57.3%

40.4%

0.6%

BEER

*By volume market share


CRAFT BEER IN MEXICO

The craft beer is made following a "recipe" of its own, by brewers who give it a distinct and personal

flavor. Its production is limited, offering flavors and textures different from the industrial brands.

Currently, these breweries represent 0.1% of the total volume market in the country, with 635 formal

producers.


Sources: Cerveceros de México, Deloitte, Cervexxa

Artesanal Mexicana

MAIN PRODUCER STATES BY VOLUME:

#1 Jalisco - 34% #3 Baja California - 8%#2 Nuevo Leon - 15%

Year 2012 2013 2014 2015 2016 2017

% Growth 43% 68% 77% 43% 62% 59%

Sales in million

liters1.05 1.52 2.55 4.52 6.46 10.44


• 2.1% Volume

• 3.9% Sales

• 10.6% Volume

• 15.8% Sales

• 3.3% Volume

• 9.8% Sales

Seale & AssociatesCreative Solutions. Trusted Advice.Source: Euromonitor

• 109,311 million liters

• MX$56,545 million







• 2.2% Volume

• 5.7% Sales

• -1.1% Volume

• 2.7% Sales

• 5.0% Volume

• 5.8% Sales

• 2.3% Volume

• 3.3% Sales

• 1.3% Volume

• 2.4% Sales

SALES 2017 HISTORICAL CAGR 2012-2017

FORECAST CAGR 2017-2022

Tequila & Mezcal

Whisky

Rum

Brandy & Cognac

SPIRITS

The spirits presented a growth in volume of 3.0% in 2017, reaching the amount of 272 million liters.

For 2022, it is expected to reach a production of 315 million liters. The average price of the spirits is

MX$236 per liter. Spirits have a volume distribution of 74.0% On-trade, and sales value of 70.0% Off-

trade. The main categories are the following:


Seale & AssociatesCreative Solutions. Trusted Advice.Source: Euromonitor

TOP 3 COMPANIES:* TOP 3 BRANDS:*

Rancho Escondido 8.2%

Torres 3.7%

Cabrito 3.5%

12.2%

11.5%

8.2%

SPIRITS

*By volume market share


The mezcal can come from more than 12 different agave species, although the most commonly

used species is the agave angustifolia (agave espadín) and can also be mixed with different agaves,

while the tequila only comes from the tequilina agave (blue agave).


Sources: Huffington Post, Consejo Regulador del

Mezcal, El Financiero

By 2017, there are more

than 560 mezcal brands

More than 80% of the

production comes from

the state of Oaxaca

Mezcal has an appellation of origin in 500,000 km2

distributed in 9 states: Guanajuato, Durango, San

Luis Potosi, Zacatecas, Oaxaca, Tamaulipas,

Michoacan, Guerrero and Puebla

MAIN DISTRIBUTORS: REPRESENTATIVE BRANDS:

In 2017, nearly 4 million

liters were produced, a

growth of 32%

compared to 2016

During 2017, 2.8 million

liters were exported to

52 countries

MEZCAL



Sources: Euromonitor

The wines had a growth of 8% in volume during 2017, with 107 million liters. By 2022 a CAGR (2017-

2022) of 8% is expected, reaching 155 million liters. The per capita consumption in Mexico is 0.6

liters. The average price is MX$194 per liter. It is classified in still wines (white, red and rosé), in

fortified wines and in sparkling wines.* By volume they have a 65% Off-trade distribution, and by

sales value a 64% On-trade.

• 83.2 million liters


• 80% of the total sales

correspond to red

wine

Still WinesSALES 2017 HISTORICAL CAGR

2012-2017FORECAST CAGR

2017-2022

• 9.3% Volume

• 14% Sales

• 8.1% Volume

• 9.6% Sales

Fortified Wines



• -0.1% Volume

• 4.6% Sales

• 0.1% Volume

• 0.9% Sales

Sparkling Wines



• 9.9% Volume

• 14% Sales

• 15.6% Volume

• 10.2% Sales

TOP COMPANIES BY CLASSIFICATION:* TOP BRANDS BY CLASSIFICATION:*

L.A. Cetto 9%

Tres Coronas 89.6%

Moët & Chandon 66.5%

15.9%

89.6%

92.6%

WINE

*Classification by vinification methods


Seale & AssociatesCreative Solutions. Trusted Advice.Sources: El Universal, Tips para tu viaje, UNAM

The Guadalupe Valley, located between the municipalities of Tecate and Ensenada in the north of

the state of Baja California, is the main wine-growing area of the country, with about 90% of the

national wine production. Its area comprises 10.000 hectares of cultivation, with an approximate of

72 wineries in its different valleys.

The varieties of white grapes grown in this area are Riesling, Chardonnay, Chenin Blanc, Moscatel,

Gewurztraminer, Sauvignon Blanc, Colombard and Palomino; among the red grapes are Cabernet

Sauvignon, Anglianico, Cabernet Franc, Grenache, Barbera, Nebbiolo, Merlot, Pinoit Noir, Zinfandel,

Tempranillo, Semillón and Syrah.

SOME VINEYARDS IN THE GUADALUPE VALLEY

VALLE DE GUADALUPE



Sources: Estadística Aplicada, Deloitte, Euromonitor, El Universal

*Survey applied by Deloitte

• Most consumed alcoholic drinks by region:

▪ Northwest: Beer

▪ Northeast: Beer and whisky

▪ Central Mexico: Brandy, tequila and rum

▪ West: Tequila and mezcal

▪ South and souteast: Beer and vodka

• Whiskey will maintain the highest growth among alcoholic beverages, both in volume and in

sales value

• A greater consumption "at home" has replicated consumption in public spaces (bars, clubs, etc.)

• There is an increase in sales in the category of premium drinks thanks to the culture of mixology

• Wine consumption has increased in the last five years and growth is expected to continue due to

greater curiosity on the part of consumers and the introduction of wines with more affordable

prices

• International distilleries increasingly show an interest in mezcal, making acquisitions in recent

years because of the increased popularity of this beverage

• Craft beer is the second favorite alcoholic beverage among Mexicans (14.0% of preferences),

after industrial beer (53.0%)*

DATA AND TRENDS OF THE ALCOHOLIC DRINKS INDUSTRY IN MEXICO


CURRENT MARKET SITUATIONCOMPARABLE PUBLIC COMPANIES


Sources: Capital IQ, MergermarketAlcoholic Drinks Mexico 2018

Price

8/3/18 2015 2016 2017EV /

EBITDA

EV /

Revenue

Anheuser-Busch InBev SA/NV BEL $100.64 $56,427 38.4% $196,925 $313,162 13.9x 15.6x 18.3x 14.3x 5.6x

Kweichow Moutai Co., Ltd. CHN $99.43 $10,186 64.6% $124,904 $113,108 10.2x 13.0x 19.7x 17.7x 11.5x

Diageo plc GBR $36.75 $16,049 33.9% $90,211 $104,264 16.7x 17.5x 17.7x 17.9x 6.6x

Ambev S.A. BRA $5.21 $12,858 41.5% $81,825 $80,585 15.2x 13.3x 16.0x 14.5x 6.0x

Heineken Holding N.V. NED $98.54 $26,045 20.4% $28,382 $52,951 8.5x 8.9x 9.1x 9.6x 2.0x

Pernod Ricard SA FRA $163.09 $10,485 28.0% $43,060 $51,843 16.3x 14.4x 15.5x 17.1x 4.9x

Constellation Brands, Inc. USA $214.01 $7,704 36.2% $40,834 $50,740 16.9x 18.0x 17.6x 13.9x 6.6x

Wuliangye Yibin Co.,Ltd. CHN $9.62 $5,437 43.2% $37,328 $31,286 9.6x 10.5x 16.4x 14.4x 6.3x

Asahi Group Holdings, Ltd. JPN $45.78 $19,420 14.8% $20,972 $30,410 10.3x 9.3x 13.5x 10.4x 1.6x

Jiangsu Yanghe Brewery Joint-

Stock Co., Ltd.CHN $17.23 $3,464 44.3% $25,959 $25,424 13.3x 13.2x 15.9x 17.7x 7.9x

Kirin Holdings Company, Limited JPN $25.08 $16,422 14.3% $22,317 $27,128 9.3x 9.7x 11.7x 10.4x 1.7x

Brown-Forman Corporation USA $53.99 $3,291 34.1% $26,025 $28,342 20.4x 18.9x 20.3x 25.4x 8.7x

Molson Coors Brewing Company USA $69.20 $10,880 22.4% $14,935 $25,229 13.1x 18.8x 17.5x 10.3x 2.3x

Carlsberg A/S DEN $120.82 $9,645 20.9% $18,389 $22,019 9.8x 9.9x 10.0x 10.6x 2.3x

Thai Beverage Public Company

LimitedTHA $0.57 $6,750 15.2% $14,354 $21,278 15.7x 17.4x 15.7x 15.4x 3.3x

China Resources Beer (Holdings)

Company LimitedHKG $4.47 $4,762 12.6% $14,507 $14,687 17.1x 10.4x 17.2x NR 3.2x

Luzhou Laojiao Co.,Ltd CHN $7.13 $1,767 34.5% $10,442 $9,193 24.6x 22.9x 25.0x 16.4x 5.7x

Davide Campari-Milano S.p.A. ITA $8.43 $2,074 28.2% $9,703 $10,813 14.3x 16.1x 20.0x 18.6x 5.2x

Treasury Wine Estates Limited AUS $13.98 $1,846 24.4% $9,976 $10,347 16.2x 23.2x 19.4x NR 5.6x

Shanxi Xinghuacun Fen Wine

Factory Co.,Ltd.CHN $7.71 $1,157 25.2% $6,679 $6,506 35.9x 21.1x 24.6x NR 6.3x

Union de Cervecerias Peruanas

Backus y Johnston SAAPER $6.58 $1,595 48.1% $8,439 $8,327 10.1x 10.6x 16.0x 10.8x 5.2x

Molson Coors Canada Inc. CAN $73.81 $2,585 16.2% $1,297 $7,537 18.5x 21.6x 109.8x 12.5x 2.9x

Rémy Cointreau SA FRA $139.19 $1,388 22.9% $6,960 $7,290 23.0x 21.2x 23.9x NR 5.6x

United Spirits Limited IND $8.97 $1,320 14.0% $6,143 $6,514 142.1x 37.6x 39.5x NR 5.2x

Tsingtao Brewery Company

LimitedCHN $5.22 $3,983 9.7% $7,418 $5,487 15.1x 12.7x 13.2x 14.6x 1.3x

Anhui Gujing Distillery Co., Ltd. CHN $6.56 $1,221 25.6% $5,385 $5,168 16.9x 16.4x 18.8x 17.4x 4.4x

Anadolu Efes Biracilik ve Malt

Sanayii Anonim SirketiTUR $4.09 $3,261 16.4% $2,421 $5,054 12.6x 11.7x 12.2x 11.9x 1.9x

Saigon Beer - Alcohol - Beverage

CorporationVIE $8.58 $1,548 15.5% $5,500 $5,111 0.0x 24.0x 27.7x 19.4x 3.5x

NR: Not Relevant Mean 14.8x 4.8x

Median 14.5x 5.2x

Annual Average EV /

EBITDA8/3/18

Company CountryRevenue

US$M

EBITDA

Margin

Mkt. Cap.

US$M

Enterprise

Value

GLOBAL TRANSACTIONS


Sources: Capital IQ, MergermarketAlcoholic Drinks Mexico 2018

Jun-18 Sichuan Swellfun Co.,Ltd CHN Alcoholic drinks producer Diageo plc $940 NR 12.3x

Apr-18 Accolade Wines Australia Limited AUS Wine producer The Carlyle Group L.P. $768 - -

Feb-18Shanxi Xinghuacun Fen Wine Factory

Co.,Ltd.CHN Wine producer CRE Yang Company Limited $819 29.1x 7.2x

Dec-17 Tsingtao Brewery Company Limited CHN Brewery Tsingtao Brewery Group, entre otros $1,081 7.1x 0.8x

Dec-17Saigon Beer - Alcohol - Beverage

CorporationVIE Alcoholic drinks producer Vietnam Beverage Company Limited $4,939 NR 6.6x

Dec-17 Cervecería Nacional Dominicana, S.A. DOM Brewery Ambev S.A. $927 - -

Nov-17 Stock in San Miguel Brewery PHI Brewery San Miguel Pure Foods Company $2,555 - -

Oct-17 4 Subsidiaries of China Food Ltd IVB Spirits and wine China Foods (Holdings) Limited $649 - 1.9x

Oct-17 Myanmar Distillery MYA DistilleryInternational Beverage Holdings

(Singapore) Pte. Limited$742 - -

Jun-17 Casamigos Spirits Co. USA Tequila producer Diageo North America Inc. $1,000 - -

Feb-17 Brasil Kirin Holding S.A. BRA Alcoholic drinks producer Bavaria S.A. $707 - -

Dec-16 Beer business in Europe CZE Brewery Domino's Pizza Group plc $7,774 - -

Oct-16 Grupo Modelo, Obregon operatoin MEX Brewery Constellation Brands, Inc. $600 - -

Oct-16Constellation Brands Canada, Inc.

(nka:Arterra Wines Canada, Inc.)CAN Wine producer Ontario Teachers' Pension Plan Board $783 - -

Apr-16 SABMiller plc, Europa GBR Brewery Asahi Group Holdings, Ltd. $2,901 - -

Mar-16China Resources Snow Breweries

LimitedCHN Brewery

China Resources Beer (Holdings)

Company Limited$1,600 - 0.7x

Jan-16 Brown-Forman Corporation USA Two liquor brands Sazerac Company, Inc. $543 - -

Nov-15 Home Brew Mart, Inc. USA Alcoholic drinks producer Constellation Brands, Inc. $1,021 NR NR

Nov-15 MillerCoors LLC USA Brewery Molson Coors Brewing Company $12,019 12.4x 2.7x

Oct-15 Wine operation in the US and UK USA Wine operatoin Treasury Wine Estates Limited $600 7.9x -

Sep-15SABMiller plc (nka:ABI SAB Group

Holding Limited)GBR Alcoholic drinks producer Anheuser-Busch InBev SA/NV $113,451 18.5x 7.5x

Jul-15 Myanmar Brewery Ltd. MYA Brewery Kirin Holdings Singapore Pte, Ltd. $554 13.7x 4.9x

NR: Not Relevant Mean 14.8x 4.9x

Median 13.1x 4.9x

BuyerSize

US$M

EV /

EBITDA

EV /

RevenueDate Target Country Description

GLOBAL REPRESENTATIVE TRANSACTIONS

Summary Target Buyer

On September 17, 2015, Anheuser-Busch

InBev, a Belgian alcoholic beverage company,

announced the acquisition of SABMiller PLC, a

British brewer, for US$113,451 million,

representing implied multiples of 18.5x EBITDA

and 7.5x sales

On November 11, 2015, Molson Coors

Brewing Company, a US brewery, announced

the acquisition of the remaining 58% stake of

MillerCoors LLC, a US beer company owned by

ABInBev / SABMiller, for US$12,019 million,

representing implied multiples of 12.4x EBITDA

and 2.7x sales

On December 13, 2016, Asahi Group Holdings,

Japanese alcoholic beverage company,

announced the acquisition of a beer

production business, located in the Czech

Republic belonging to ABInBev / SABMiller,

for US$7,774 million

On December 18, 2017, Vietnam Beverage

Company Ltd., a Vietnamese company,

announced the acquisition of Saigon

Corporation, a brewer in Vietnam, for US$4,939

million, representing implied multiples of 35.6x

EBITDA and 6.6x sales

On April 19, 2016, Asahi Group Holdings, a

Japanese alcoholic beverage company,

announced the acquisition of SABMiller plc,

Europe, an English brewer, for US$2,901 million


Sources: Capital IQ, Mergermarket

Brewery in Czech

Republic

belonging toABInBev /

SABMiller

Vietnam

Beverage

Company Ltd.

Europe


GLOBAL REPRESENTATIVE TRANSACTION #1

Anheuser-Busch InBev,

announced the acquisition of

SABMiller PLC, for

US$113,451 million

BUYER

The merger combines the two

biggest breweries in the world

With the transaction, the new

company achieved a 28% global

market share and US$55 billion in

revenue

The transaction represented

implied multiples of 18.5x


TARGET


Sources: Capital IQ, Forbes, BBC

ANHEUSER-BUSCH INBEV,ANNOUNCED THE ACQUISITION OF

SABMILLER PLC

It is the thrid biggest

transaction in the history,

and the biggest one in the

UK


BUYER

Miller Coors was founded in

2017 as a joint company

between SABMiller and Molson

Coors for their operations in the

US

Molson Coors became the # 2

brewer in the United States with a

27% market share

TARGET

Seale & AssociatesCreative Solutions. Trusted Advice.Sources: Capital IQ, Mergermarket, MolsonCoors

With the transaction, Molson

Coors also acquires the

portfolio of brands outside the

United States.

Molson Coors, announced the

acquisition of the remaining

58% of Miller Coors belonging

to ABInBev / SABMiller, for

US$12,019 million




MOLSON COORS,ANNOUNCED THE ACQUISTION OF

MILLER COORS


GLOBAL REPRESENTATIVE TRANSACTION #2

MEXICAN REPRESENTATIVE TRANSACTIONS

Summary Target Buyer

On June 29, 2012, Anheuser-Busch InBev, a

Belgian alcoholic beverage company,

announced the acquisition of the remaining

49.7% stake of Grupo Modelo, a Mexican

brewer, for US$20,100 million, representing

implied multiples of 13.4x EBITDA and 4.2x sales

On January 11, 2010, Heineken Holding

N.V. and Heineken N.V., Dutch brewer,

announced the acquisition of Cuauhtémoc

Moctezuma Holding, Mexican brewing

company owned by FEMSA, for US$7,347

million

On February 14, 2013, Constellation Brands,

Inc., a US alcoholic beverage company,

announced the acquisition of Compañía

Cervecera de Coahuila belonging to Grupo

Modelo, a Mexican brewer, for US$2,900

million.

On November 3, 2014, Tequila Cuervo La

Rojeña, Mexican tequila producer, announced

the acquisition of The Old Bushmills Distillery

belonging to Diageo, distillery in Ireland of

whiskey, for US$704 million

On October 31, 2016, Constellation Brands,

Inc., a US alcoholic beverage company,

announced the acquisition of Cervecera in

Ciudad Obregón, Sonora belonging to Grupo

Modelo, for US$600 million.


Sources: Capital IQ, Mergermarket

Brewery in

Ciudad Obregón


BUYER

In 2012, both companies

produced 400 million

hectoliters of beer and sales of

US$47 million in 24 countries

with 150,000 employees

With the acquisition,

Anheuser-Busch Inbev

increased its portfolio to

more than 200 brands and 4

global brands

TARGET

Seale & AssociatesCreative Solutions. Trusted Advice.Sources: Capital IQ, Mergermarket, Expansión

Anheuser-Busch InBev paid

US$9.15 per share to Grupo

Modelo’s shareholders

Anheuser-Busch InBev,

announced the acquisition of

the remaining 49.7% stake in

Grupo Modelo, for

US$20,100 million




ANHEUSER-BUSCH INBEV,ANNOUNCED THE ACQUISTION OF

GRUPO MODELO


MEXICAN REPRESENTATIVE TRANSACTION #1

BUYER

FEMSA sought to focus on its

divisions of Coca-Cola FEMSA

and OXXO

The transaction included the

sale of 83% stake of FEMSA

beer in Brazil to Heineken

TARGET

Seale & AssociatesCreative Solutions. Trusted Advice.Sources: Capital IQ, Mergermarket, Expansión

With the transaction, FEMSA

obtained a 20% stake in the

Heineken Group

Heineken Holding N.V. y

Heineken N.V., announced the

acquisition of Cuauhtémoc

Moctezuma Holding, S.A. de

C.V., property of FEMSA, for

US$7,347 million

Heineken assumed the debt of

FEMSA Beer division of

US$2,100 million

HEINEKEN N.V.,ANNOUNCED THE ACQUISITION OF

CUAUHTÉMOC MOCTEZUMA HOLDING, S.A. DE C.V.


MEXICAN REPRESENTATIVE TRANSACTION #2

REPRESENTATIVE MEXICO ENGAGEMENTS

Washington, D.C. | Mexico City | Monterrey

to

Holding company of

merged its

beverage division

with

has merged with

a business of

has partnered with

a subsidiary of

has sold

to

its sanitaryware business

and

a business unit of

has sold

Cosmocel Química

to

intelectiva®

has acquired

KFC Costa Rica

from

sold

to

sold

to

Grupo Galaz, S.A de C.V.

dealers of

has partnered with

workshop and store in

Mexico City from

Acquisition

Advisory

Services

Corporate

Finance

Advisory

Services

has formed a partnership in

the casting tools business

between

and

has acquired

has acquired

has been acquired by


has acquired

has acquired

has acquired



merged its

beverage division

with

Acquisition

Advisory

Services

has carved out and sold

its concrete pumping

assets in Mexico

has formed a

partnership to market

and develop oil storage

and distribution in

Mexico with

Corporate

Finance

Advisory

Services

Corporate

Finance

Advisory

Services

acquired a 61% stake on

Acquisition

Advisory

Services

Corporate

Finance

Advisory

Services

Since 1999, Seale & Associates has been the trusted advisor

to highly respected public and private companies from around

the world, with a track record of success in a diverse range of

industries. Seale is an elite boutique global investment banking

firm with extensive experience in mergers and acquisitions

(M&A), corporate finance advisory, and enterprise level

strategy consulting. Our experienced team of professionals are

committed to serving clients with excellence and integrity,

while offering innovative ideas and solutions to address

complex dealings. All securities related transactions are cleared

through Seale Capital, Inc., a registered broker dealer and

member of FINRA and SIPC.

ADVISOR TO LEADING COMPANIES WORLDWIDE

CONTACT INFORMATION

950 N. Glebe RoadSuite 950Arlington, Virginia 22203Phone: +1 (703) 294 6770

37, Moliere GranadaMexico City, 11520Phone: +52 (55) 8000 7463

Please contact us if you would like further information about M&A trends and/or specific transaction multiples for your industry.

Washington, D.C. | Mexico City | Monterrey

Mexico ContactInformation

Established presence in

Monterrey , Mexico

*

*

*

*

**

**

* Multiple engagements

*

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

* *

1999

Founded

2016 2017 2018

James A. Seale

President

[email protected]

Brett M. Carmel

Senior Managing Director

[email protected]

Felipe Bueno Viesca

Managing Director

[email protected]

Sergio Garcia del Bosque

Managing Director

[email protected]

Adan Sierra

Vice President

[email protected]

Carlos Hernandez

Vice President

[email protected]

Alejandro Montemayor

Associate

[email protected]

Sofia Felix

Business Development

[email protected]

Andres Cardenas

Analyst

[email protected]

Armando RiosAnalyst

[email protected]

Miguel LealJunior Analyst

[email protected]

Diego HernandezJunior Analyst

[email protected]


seale & associatesmnamexico.com/wp-content/uploads/2019/06/alcoholic... · containing a...

Documents