Independent Liquor has been snapped up by Australian-based private equity firms for $1.26 billion - a price at the top end of expectations of what the business would fetch.
The sale - to Pacific Equity Partners and CCMP Capital Asia - confirms owner Lyn Erceg as New Zealand'sfirst female billionaire.
The two private equity firms had initially competed for Independent before teaming up to buy the Australian and New Zealand liquor business. They were the only bidders left after other private equity firms and drinks companies dropped out of the race.
Independent has operations on both sides of the Tasman and the company said yesterday that the agreement was conditional on the purchasers getting Overseas Investment Office approval in this country and the okay under Australia's Foreign Investment Review Board regulations.
Independent - dominant in the New Zealand ready-to-drinks market - was put up for sale after the death of its founder, Michael Erceg, in a helicopter crash last year.
His widow Lyn and fellow Independent director Darryl Gregory - who are listed as the company's owners - were not available for comment yesterday.
But Independent said: "The shareholders of Independent Liquor see the sale to this private equity consortium as positive for employees, the trade, customers and suppliers."
The company did not give a sales price but it is understood to be $1.26 billion.
Andrew Sutherland of UBS - which has handled the sale for Independent's owners - said: "The vendors of the business are pleased with the outcome of the sale process and feel it's an appropriate reflection of the regard customers have for Independent Liquor's products and the quality of the relationships with its customers."
CCMP's Stephen King and Pacific Equity's Simon Pillar said: "Independent Liquor is an international success story and we're delighted to be working with its management team to further grow the business."
This week, brewer Lion Nathan withdrew from the race saying it was not prepared to pay more than it had already offered.
