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MELBOURNE - Private equity firms Pacific Equity Partners and CCMP are understood to have teamed up to bid for New Zealand's Independent Liquor after other suitors pulled out of a deal that could be worth about $1.3 billion.
Sources familiar with the transaction said a sale of the privately held drinks group could be announced as early as today after another private equity group, Nikko Principal Investments dropped out of the race.
Nikko had been lining up a joint bid alongside Pacific Equity Partners to rival an offer from CCMP Capital Advisors.
But Nikko, part of Japanese brokerage Nikko Cordial, pulled out because the price it had submitted did not meet expectations, a source said.
Instead, Pacific Equity Partners is expected to work with CCMP on a final bid.
Another bidder, Australia's second largest brewer Lion Nathan, withdrew on Monday saying it could not justify lifting its offer from a reported $1.15 billion.
The three bidders submitted final offers last week for Independent Liquor.
Independent was put up for sale after founder Michael Erceg died in a helicopter crash in November last year.
It makes Haagen beer and imports beers including Carlsberg, Tuborg and Grolsch. Its products include ready-to-drink Woodstock Bourbon & Cola and Kristov Vodka Cruisers.
Independent's adviser UBS has declined to comment on the bidding process. A Pacific Equity Partners spokesman declined to comment and a principal at CCMP was unavailable for comment.
- REUTERS
