Oaktree Sells 37% Stake in Stock Spirits Group
Oaktree Capital Management has disposed of its entire shareholding in Stock Spirits Group, consisting of 73,665,895 ordinary shares and representing approximately 36.83% of the company’s issued share capital. The disposal was effected by way of a placing of shares to institutional investors.
Stock Spirits Group, a leading Central and Eastern European branded spirits producer, was listed on the main market of the London Stock Exchange in October 2013.
Following the placing, Oaktree no longer holds any shares of Stock Spirits Group. As a result, Karim Khairallah, a director of Stock Spirits Group appointed by Oaktree, has agreed to step down from the board with immediate effect.
With core operations in Poland, the Czech Republic, Slovakia, Italy, Croatia and Bosnia & Herzegovina, Stock Spirits Group also exports to more than 40 other countries worldwide. The group holds the market leadership positions in spirits in both Poland and the Czech Republic, where it has invested in be state of the art production facilities, and is one of the world’s leading vodka producers. This includes having the number one leading vodka brands in Poland, Italy and the Czech Republic.
The spirits group increased revenue for the year ended 31 December 2013 by 16.4% to €340.5 million and profit for the year was €8.9million against €26.2million in 2012. Operating profit before exceptional costs rose 7.5% to €62.8million. Adjusted EBITDA increased 22.3% to €83.7 million.
